$Introduction

The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system on the Ethereum network. ENS is designed to map human-readable names such as “alice.eth” to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. This innovative service greatly simplifies the user experience with cryptocurrency systems, improving usability and security.

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The role and importance of ENS in the Ethereum ecosystem 🛠️

Basic functions of ENS

  1. Name mapping: ENS allows human-readable names to be mapped to complex and long machine-readable identifiers. For example, instead of using a long Ethereum address, users can use easy-to-remember names such as “alice.eth.”

  2. Versatility: ENS supports not only Ethereum addresses, but also other cryptocurrencies, making it a universal tool for managing digital assets.

  3. Data storage: The system can also store various metadata, providing additional information about domains and associated resources.
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ENS Protocol Management 🔧

ENS is a governance token, which allows token holders to participate in the governance of the protocol and vote on the distribution of treasury funds. This makes the protocol decentralized and democratic, where each participant can contribute to the development of the ecosystem.

Economic indicators of ENS 💹

Market capitalization and market position

As of now, ENS ranks 105th in the cryptocurrency rankings with a market capitalization of $734.92M. The market dominance index is 0.0295%.

Number of tokens in circulation

The total supply of ENS in circulation is 31,476,240 tokens out of a maximum supply of 100,000,000 ENS. Thus, a significant part of the tokens has already been put into circulation, which contributes to the liquidity and availability of tokens for users.

Historical price indicators 📈

  • All-time high: $85.68745026316928, reached on November 11, 2021.

  • Historical minimum: $6.695156653769259, recorded on October 19, 2023.

These data indicate significant volatility of the token, which is typical for many cryptocurrency assets. Investors and users should consider these fluctuations when making decisions about purchasing or using ENS.

Conclusion

The Ethereum Name Service (ENS) is an important tool in the Ethereum ecosystem, providing convenience and security when interacting with cryptocurrencies. With a distributed and decentralized governance structure, ENS offers innovative solutions for name matching and digital asset management. With a current market capitalization of $734.92M and a significant amount of tokens in circulation, ENS continues to attract the attention of users and investors around the world.