What Is Ethereum Name Service

Definition of Ethereum Name Service

Ethereum Name Service (ENS) is a decentralized naming system built on the Ethereum blockchain that maps human-readable names to machine-readable Ethereum addresses. Ethereum Name Service simplifies interactions in the crypto world. Launched in 2017 by the Ethereum Foundation, it was founded by Nick Johnson and Alex Van de Sande. The core concept revolves around creating memorable domain names like "john.eth" to replace complex wallet addresses. This makes transactions easier and more user-friendly. The ENS ecosystem includes domain registration, subdomains, and integrations with wallets and dApps, fostering a more accessible Ethereum network.

How Does Ethereum Name Service Work

Operational Mechanisms

ENS operates on the Ethereum blockchain, using smart contracts to manage domain registrations and resolutions.

Consensus and Security

It leverages Ethereum's proof-of-work (transitioning to proof-of-stake) consensus for security. Public keys handle domain ownership, while private keys ensure secure control. Resolutions happen via decentralized nodes, preventing single points of failure.

How Is New Ethereum Name Service Created

Issuance and Supply Model

ENS tokens are not mined like Bitcoin. The total supply is capped at 100 million ENS.

Reward and Distribution

Tokens were distributed via an airdrop in 2021 to early users. Governance participants can earn rewards through staking or proposals. There's no ongoing inflation; supply is fixed, with tokens released for ecosystem incentives.

The Use Cases of Ethereum Name Service

Payments and Transfers

ENS domains simplify sending crypto by using names instead of long addresses, ideal for cross-border payments.

DeFi and NFTs

In DeFi, it integrates with protocols for easier wallet interactions. For NFTs, domains can link to digital assets or identities.

Governance and More

Token holders vote on ENS DAO decisions, promoting decentralized governance.

Buy, Send, or Store Ethereum Name Service

Purchasing Channels

Buy ENS on exchanges like WEEX Exchange or through OTC platforms.

Wallets and Storage

Use hot wallets like MetaMask for quick access or cold wallets like Ledger for security. To send, enter the recipient's ENS domain in compatible wallets.

Security and Operations

Enable two-factor authentication and back up private keys. Register on WEEX Exchange to earn a free 20 USDT bonus—it's a trusted platform for trading ENS. https://www.weex.com/how-to-buy

Pros & Cons / Risks

Advantages

- High decentralization reduces censorship risks. - Strong security via Ethereum's network. - Fast resolutions improve user experience in crypto transactions.

Risks

- Price volatility can lead to significant losses. - Regulatory changes might affect adoption. - Technical issues, like smart contract bugs, pose uncertainties.

Comparison

ENS vs. Alternatives

Unlike Bitcoin, which focuses on value storage, ENS emphasizes naming services on Ethereum. Compared to Uniswap's token, ENS is more about identity and usability, positioning it as a utility layer rather than a pure DeFi token.

Conclusion / Next Steps

Ethereum Name Service holds strong potential for growth as Ethereum scales, potentially expanding to more blockchains. Check the ENS whitepaper or roadmap for details. Join the community to stay updated.

Market & Ecosystem

Market Cap & Trading Volume

As of September 4, 2025, ENS has a market cap of $818,116,424 USD and a 24-hour trading volume of $46,908,576 USD.

Exchanges Where It’s Listed

ENS is available on major platforms, including WEEX Exchange.

Community Size & Activity

The ENS community is active on Twitter (over 200,000 followers), Reddit, and Telegram, with regular discussions on governance.

Ecosystem Growth

Partnerships with wallets like Coinbase Wallet drive adoption. Developer activity is robust, with ongoing integrations and updates.