The Defiant • Jun 03, 22
ENS Domain Registrations Surge Even as Token Plummets
Ethereum Domain Names Remain Popular as Bear Market Takes Hold
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Ethereum Name Service has fallen by 5.70% in the past 7 days. The price declined by 1.62% in the last 24 hours. In just the past hour, the price grew by 0.63%. The current price is $7.30 per ENS. Ethereum Name Service is 91.49% below the all time high of $85.69.
The current circulating supply is 29,698,074.606 ENS.
ENS is an Ethereum token that governs the Ethereum Name Service, a protocol for human-readable crypto addresses and decentralized domain names. ENS will be used to propose and vote for changes to the protocol.
is a decentralized and extensible naming system based on the . ENS is deployed to convert human-readable names like “alice.eth” to a machine-readable identifier format such as Ethereum addresses, content , metadata, and other addresses. In addition, ENS supports the reverse resolution, which makes it possible to associate metadata such as interface descriptions or canonical names with Ethereum addresses.
ENS has goals similar to DNS, the internet’s Domain Name System. But the architecture differs significantly due to the capabilities and constraints provided by the Ethereum blockchain. Like DNS, ENS works on a system of dot-separated hierarchical names called domains (for example, .com and .org). Here, the owner of a domain has complete control over subdomains.
The architecture of ENS has two principal components: the registry and resolvers. The ENS registry uses a single to maintain a list of all domains and subdomains and stores critical information associated with it, i.e., owner of the domain, resolver of the domain, and caching time-to-live for all records under the domain. In brief, smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of on blockchain. Moreover, these (ENS registry) smart contracts own the top-level domains (like .eth and .test) and specify the rules governing their subdomains' allocation.
By following the rules set by these registrar contracts, anyone can get ownership of a domain for their use. ENS also allows users to import names that are already owned in DNS for use on ENS. Notably, the domain owner may be an external account (a user) or a smart contract. But a registrar is a smart contract that owns a domain and issues subdomains to users following some set of rules as determined in the contract. The migrated and became an ERC721-compliant () contract, which means .eth registrations can be transferred similar to those of other NFTs.
Moving to the next component, resolvers are actually involved in the process of translating names into addresses. Any contract that executes the relevant standards can act as a resolver in ENS.
To summarize, one can easily understand ENS by simply comparing it with DNS. DNS converts website address domain names into Internet Protocol (IP) addresses. ENS also serves the same purpose, but domains are mapped into 42-character Ethereum addresses instead of IP addresses.
The hierarchical structure of ENS enables anyone who owns a domain at any level to configure subdomains for themselves or others as desired. For instance, if X owns alice.eth, they can create pay.alice.eth and configure it as per their wish.
About the , the (decentralized autonomous organization) is a DAO that governs the ENS protocol. The Ethereum Name Service token with ticker ENS is the standard governance of the ecosystem. Three governance forums have been created to govern the ecosystem depending on the need. The first one is Venues, discuss.ens.domains, a Discourse forum for governance-related discussion. The second one is Snapshot, a simple voting interface that lets users signal sentiment off-chain. The third one is Governance Portals. Tally is a governance portal that authorizes token holders to delegate their votes and allows delegates to create and vote on binding proposals. Sybil is another such governance portal.
is the founder as well as the lead developer of ENS. He also served as a software engineer in several companies like Ethereum, Google, Lumi, spider.io, smart sparrow, Telogis, Haydrian corporation, and Niche Software Ltd.Johnson is a computer science graduate from the University of Canterbury.
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The current market cap of Ethereum Name Service is $216.65M. A high market cap implies that the asset is highly valued by the market.
The all-time high of Ethereum Name Service is $85.69. This all-time high is highest price paid for Ethereum Name Service since it was launched.
Over the last 24 hours, the trading volume of Ethereum Name Service is $5.02M.
The current circulating supply of Ethereum Name Service is 30 million.
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