Ethereum Name Service

Ethereum Name Service is a decentralized naming system built on the Ethereum blockchain that translates human-readable names, such as 'alice.eth', into machine-readable identifiers like cryptocurrency wallet addresses, content hashes, and other metadata. It addresses the same usability problem that the internet's Domain Name System solves for web addresses, but does so through smart contracts rather than centralized registries. The system is intended for anyone who wants a simpler, memorable identifier for their on-chain presence instead of a long alphanumeric address.

ENS operates through a hierarchy of smart contracts on Ethereum, where top-level domains like '.eth' are governed by registrar contracts that set the rules under which anyone can claim a subdomain. The ENS token is a governance token, meaning holders can participate in decisions about how the protocol evolves, including changes to registrar rules and treasury management. The protocol does not have its own consensus mechanism or block time; it inherits Ethereum's infrastructure entirely.

Fees are generated by users registering and renewing '.eth' domain names, with those payments flowing entirely to the protocol — the take rate over the trailing 30 days is recorded at 100%, meaning supply-side revenue in that period was zero. Over the trailing 30 days, the protocol collected 334,279 USD in fees and revenue, with a 24-hour figure of 7,523 USD and a trailing 12-month total of 4,047,984 USD. Annualizing from the trailing 30 days produces a figure of 4,067,061.17 USD, and fee growth over the last 30 days stands at 15.1 percent. Market capitalization divided by that annualized fee figure gives a ratio of approximately 60.58.