ENS
Ethereum Name Service
Market cap$196M
Updated - ago
Ethereum Name Service (ENS) dropped 7.51% over the past 24 hours to $4.6328,1 facing downward pressure despite the recent rollout of the ENSv2 mainnet upgrade.2 The decline occurs alongside broader altcoin softness and a continued value-capture gap, with open interest standing at $1.4M and a funding rate of 0.0013%.1
Ethereum Name Service (ENS) is a decentralized naming protocol built on the Ethereum blockchain that translates human-readable domain names into machine-readable identifiers such as Ethereum addresses, cryptocurrency wallet addresses, content hashes, and metadata. Operating similarly to the Internet's Domain Name Service (DNS) but leveraging blockchain architecture, ENS uses a hierarchical dot-separated domain structure where users can register and own domains ending in extensions like '.eth'. The protocol employs smart contract-based registrars that govern domain allocation rules and enable owners to create and manage subdomains with complete autonomy. ENS supports bidirectional resolution, allowing both forward mapping from domain names to addresses and reverse resolution that associates metadata with Ethereum addresses. The service is deployed across Ethereum's mainnet and multiple testnets, automatically detected by compatible libraries and applications. ENS is notable for providing a user-friendly alternative to complex hexadecimal wallet addresses while maintaining full decentralization and censorship resistance through its blockchain-based infrastructure. The ENS token (ENS) was introduced as a governance token enabling community participation in protocol decision-making and future development.