Since Ethereum Name Service announced a generous retroactive up to $10,000+ per user and in addition to the ENS token listing on Binance, ENS immediately appeared on the top search of CoinGecko that day. This proves that this protocol has strong community sentiment and has successfully attracted many KOLs involved by using ‘theirname.eth’ on Twitter.
Let’s jump into this topic today and learn more about Ethereum Name Service with Coin98 Insights!
What is Ethereum Name Service?
The Ethereum Name Service (ENS) is a naming system based on the Ethereum blockchain. With the open, distributed, extensible features, ENS’s job is to map human-readable names like ‘john.eth’ to machine-readable identifiers such as Ethereum/cryptocurrency addresses, content hashes, and metadata.
Ethereum Name Service also supports ‘reverse solution’, making it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses.
ENS’s goals are similar to the Internet’s Domain Name Service (DNS), but has significantly different architecture due to capabilities and constraints provided by the Ethereum blockchain.
Like DNS, ENS operates on a system of dot-separated hierarchical names called domains. The domain owner will have full control over subdomains and the ability to configure it for themselves or others.
For instance, if John owns ‘john.eth’, he can create ‘pay.john.eth’ and configure it as he wishes.
Note: Don’t forget to claim your airdropped token before May 4, 2022 if you have registered for a .ETH second-level domain in the past. Navigating to the ENS website for claiming.
How does Ethereum Name Service work?
Top-level domains like ‘.eth’ and ‘.test’ are owned by smart contracts called Registrars. Registrar is simply a smart contract that owns a domain and issues subdomains of that domain to users. Anyone may obtain ownership of a domain for their own use by following the rules imposed by these registrar contracts.
From the image, it can be seen that ENS has two principal components: the Registry and Resolvers
The ENS Registry consists of a single smart contract that maintains a list of all domains and subdomains and stores three pieces of information about each:
- The domain owner.
- The domain solver.
- The caching lifespan for all records under the domain.
The domain owners may be either a user or a smart contract and the role of them in the ENS registry may:
- Set the resolver and TTL for the domain.
- Transfer ownership of the domain to another address.
- Change the ownership of subdomains.
The existence of ENS registry is only to map a name to the resolver responsible for it.
Resolvers are responsible for the actual process of translating names into addresses. Any contract that implements the relevant standards may act as a resolver in ENS. General-purpose resolver implementations are offered for users whose requirements are straightforward, such as serving an infrequently changed address for a name.
This is an example process when resolving a name in ENS.
The process combines two steps:
- First, ask the registry which resolver is responsible for ‘foo.eth’.
- Second, ask that resolver for the answer to the ‘foo.eth’ query.
The cost to register a ‘.eth’ domain
As from the Ethereum Name Service website, registration costs are set at following prices:
- 5+ character .eth names: 5$ in ETH per year.
- 4 character .eth names: $160 in ETH per year.
- 3 character .eth names: $640 in ETH per year.
3 and 4 character names have higher pricing to reflect the small number of these names available. The .eth names are also tradable as NTFs.
Detailed information about ENS Token
ENS Token Metrics
- Ticker: ENS
- Blockchain: Ethereum
- Token Standard: ERC20
- Contract: 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72
- Token Type: Utility and Governance
- Total Supply: 10,000,000 ENS
- Circulating Supply: 9,196,308 ENS
ENS Token Allocation
- DAO Community Treasury:50%
- Airdrop to .ETH holders: 25%
- Contributors: 25%, including:
- Core Contributors: 18.96%
- Select Integrations: 2.5%
- Future Contributors: 1.25%
- External Contributors: 1.29%
- Launch Advisors: 0.58%
- Keyholders: 0.25%
- Active Discord Users: 0.125%
- Translators: 0.05%
ENS Release Schedule
- Community Treasury: 10% of this allocation will be available at launch, with the remaining unlocking over 4 years.
- Core contributors and launch advisors: Four-years lock-up and vesting schedule.
- Airdrop: The distribution is based on the total time of an address's past registration and future registration as of October 31st, 2021.
ENS Token Use Case
The ENS token has these use cases:
- Delegation: Delegate tokens to the DAOs.
- Governance: govern key components of the ENS protocol like .eth pricing, the price oracle, etc.
How to get ENS Token
Currently, you can claim ENS token on the website if you are early adoptors of Ethereum Name Service protocol.
You also can get ENS Token through these exchanges:
- DEXs: Coin98 Exchange, Uniswap, SushiSwap,...
- CEXs: Binance, Gate.io, OKEx, BKEK,...
How to buy ENS Token
Users can buy ENS token through these exchanges:
- DEXs: Uniswap, SushiSwap,...
- CEXs: Binance, Gate.io, OKEx, BKEK,...
You can also swap and buy ENS tokens directly at the Coin98 Exchange interface at the end of this article! Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,...) through intuitive and simple interfaces.
Learn more: How to use Coin98 Exchange
How to store ENS Token
You can store ENS token on Coin98 Wallet with these simple steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search ENS Token.
Step 3: Click on the correct result, copy the wallet address and send ENS to this address.
Team, Investors, and Partners
- Nick Johnson: Founder and lead developer of ENS.
- Brantly Millegan: Director of Operations.
Ethereum Name Service has no investors, however, this protocol has received financial support from Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs and Protocol Labs.
Ethereum Name Service has partnered with numerous partners in various fields including Wallets, Browsers and many more Apps.
Roadmap and Updates
Is ENS a good investment?
Currently, the team aims to expand users across the world by supporting native languages of 12 nations. They will integrate more in the future to serve numerous potential customers. We will see its expansion once there are more people approaching crypto with the demand of showcasing their name such as KOLs, celebs,...
Moreover, domain names can be traded as NFTs, leading me to an opinion that the owning (or trading) demands for one's idols, relatives, loved ones or for their own names will not be stopping anytime soon.
A larger number of people are getting familiar with Ethereum Name Service after their generous airdrop to the community. Current price per ENS is now ~$58 and if you still have not claimed your ENS tokens yet, the total value airdropped into your account could reach $25.000.
Additionally, Binance announced the ENS listing event only a few days after Ethereum Name Service had publicized their airdrop campaign. This network effect has outstandingly left the result of the doubled number of registrants on that day.
Unstoppable domain: This protocol is similar to Ethereum Name Service, except it has no renewal fees (average cost is $40 for one domain). You can try it now for the potential retroactive.
Note: There are many existing naming services like Namecoin and Handshake, the differences between them is ENS complements and extends the usefulness of DNS with decentralised name resolution for web3 resources such as blockchain addresses and distributed content, while Namecoin and Handshake are making efforts to replace all or part of DNS with a blockchain-based alternative.