Ethereum Name Service (ENS), launched on May 4, 2017, is a decentralized naming system on the Ethereum blockchain, with its native governance token ENS introduced in November 2021. Developed by the ENS Foundation, ENS maps human-readable names (e.g., yourname.eth) to machine-readable identifiers like wallet addresses, simplifying Web3 interactions. ENS powers identity, payments, and dApp integrations, with $1.2B in total value locked (TVL) across its ecosystem.

Key Features

  • Human-Readable Names: Replaces complex addresses (e.g., 0x123...) with names like bob.eth, reducing errors.
  • Decentralized Identity: Supports 2.6M+ registered .eth names, used across 800+ dApps like Uniswap and OpenSea.
  • Low Fees: Average transaction cost of ~$0.10-$1 on Ethereum, with Layer-2 support (e.g., Arbitrum) reducing costs.
  • Ecosystem: Integrates with 126+ exchanges, wallets like MetaMask, and platforms like Coinbase Wallet.

ENS Token

  • Purpose: Used for governance voting, name registration fees, and incentivizing ENS node operators.
  • Supply: Circulating supply of ~33 million ENS, with a max supply of 100 million.
  • Contract Address: On Ethereum, ENS’s contract is 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72 (addable to MetaMask). CoinGecko CMC.

Who Are the Founders of ENS?

ENS was founded by Nick Johnson and Alex Van de Sande, under the Ethereum Foundation until 2018. The ENS Foundation, led by Brantly Millegan until 2022, now oversees development, with the ENS DAO governing via ENS token holders. Launched with a $10M grant, ENS raised $65M in 2022 from True Ventures and a16z.

What Makes ENS Unique?

ENS redefines Web3 identity:

  • Decentralized DNS: Unlike ICANN-governed DNS, ENS uses smart contracts and DAO governance, ensuring censorship resistance.
  • Primary Name System: Users set a primary .eth name for wallets and dApps to display, enhancing UX across Uniswap and Etherscan.
  • Cross-Platform Utility: Supports avatars, content hashes, and metadata, with 40+ integrations like Farcaster.
  • Layer-2 Scaling: Gasless DNSSEC on Arbitrum and Optimism lowers costs, boosting adoption.

ENS Network Upgrades (2025)

  • Gasless DNSSEC (Q1 2025): Enabled off-chain name resolution on Arbitrum, reducing fees by 80%.
  • Farcaster Integration (March 2025): Added ENS usernames to Farcaster, increasing social media adoption.
  • Stablecoin Payments (June 2025): Allowed merchants to accept ENS-based stablecoin payments globally.

How Is ENS Secured?

ENS and its token are secured through:

  • Ethereum PoS: Leverages Ethereum’s Proof-of-Stake for transaction and smart contract security.
  • Smart Contract Audits: Regular audits by firms like Trail of Bits ensure protocol integrity.
  • DAO Governance: 33M ENS token holders vote on upgrades, ensuring decentralized control.
  • Name Ownership: .eth names are owned by smart contracts, preventing centralized seizures.

Conclusion

Ethereum Name Service (ENS) is a cornerstone of Web3, simplifying addresses with .eth names and driving decentralized identity. With $1.2B TVL, 2.6M+ names, and integrations like Farcaster, ENS enhances usability across 800+ dApps.