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 wallet addresses, content hashes, and other metadata. It addresses the problem that raw blockchain addresses are long strings of characters that are difficult for people to read, remember, or share accurately. ENS is intended for anyone who interacts with Ethereum and wants a simpler, portable identifier rather than an unwieldy hexadecimal address.

ENS operates through a hierarchy of smart contracts on Ethereum, where top-level domains like '.eth' are controlled by registrar contracts that enforce the rules under which users can claim and own subdomains. The ENS token is a governance token, giving holders the ability to vote on protocol parameters, upgrades, and treasury decisions rather than serving as a medium of exchange within the naming system itself. ENS does not have its own consensus algorithm or block time, as it settles entirely on the Ethereum network.

Fees are generated when users register or renew '.eth' domain names, making registrants the paying parties. In the trailing 30 days, the protocol collected 229,586 USD in fees, which annualizes to approximately 2,793,296 USD. The take rate for that period was 100 percent, meaning the protocol retained all fees collected rather than distributing any portion to a supply side, as confirmed by the trailing 30-day supply-side revenue figure of zero. Fee volume fell 24.13 percent over the most recent 30-day period, and the market-cap-to-annualized-fee ratio stands at approximately 87.94.