When the internet moved from IP addresses to domain names, adoption exploded. Nobody memorized 142.250.80.46 — they memorized google.com. Ethereum has the same problem at a different scale. ENS is the Web3 equivalent of the Domain Name System (DNS) — but decentralized, on-chain, and ownable. Your .eth name is an NFT you control, not a registration that can be revoked by a company.
How ENS Names Work
ENS names are stored as NFTs on Ethereum. When you register 'yourname.eth', you receive an NFT that represents ownership and control of that name. You can set records on your ENS name: ETH address (default), BTC address, Solana address, IPFS content hash (for decentralized websites), text records (Twitter handle, email, description), and more. Any application that supports ENS resolves 'yourname.eth' to the corresponding ETH address.
Registration: ENS names are registered in annual terms. Cost: 5+ character names are $5/year, 4-character names are $160/year, 3-character names are $640/year. Short and premium names command significant secondary market prices. Names are paid in ETH and the revenue goes to the ENS DAO treasury. Names expire unless renewed — thousands of valuable names have expired and been re-registered.
ENS has expanded to support all EVM chains and multi-chain records. A single .eth name can hold records for Ethereum, Polygon, Arbitrum, Bitcoin, Solana, and any other chain with a registered coin type. When a DeFi protocol asks for your ETH address, you type 'yourname.eth' — the protocol resolves it to the appropriate chain address.
- ✓ENS names are NFTs: you own, transfer, and control your .eth name
- ✓Resolution: resolves to ETH, BTC, SOL, and other chain addresses
- ✓Registration cost: 5+ chars $5/yr, 4 chars $160/yr, 3 chars $640/yr
- ✓Content records: point your .eth name to IPFS websites
- ✓Revenue to ENS DAO: registration fees fund protocol treasury
- ✓Reverse resolution: ENS can resolve address → name for dApp display
ENS Token and Governance
ENS distributed its governance token in November 2021 via one of the most celebrated airdrops in crypto history. 25% of total ENS supply (50M ENS) was airdropped to .eth name holders — early adopters received thousands of ENS tokens. The airdrop was valued at $50,000+ for some long-time .eth holders when ENS launched at ~$80.
ENS DAO governs the protocol: setting price parameters, managing the treasury, funding ecosystem development grants, and managing ENS's continued development. ENS Labs (the core development team) operates under the DAO's mandate. Key governance decisions include adding new TLDs (like .cb.id, .lens), approving integration partnerships, and funding public goods in the Web3 naming space.
The ENS ecosystem has grown significantly: Coinbase partnered with ENS for .cb.id names, Lens Protocol built on ENS infrastructure, decentralized email (mailchain.com) uses ENS, and many Web3 applications use ENS as the default identity layer. ENS has become the most widely recognized Web3 identity system.
- ✓ENS airdrop (Nov 2021): 25% of supply to .eth holders — one of crypto's best airdrops
- ✓ENS DAO: on-chain governance for protocol parameters and treasury
- ✓Registration revenue: millions in ETH funding ENS DAO treasury annually
- ✓Coinbase .cb.id: ENS infrastructure used for Coinbase usernames
- ✓Decentralized websites: .eth names resolve to IPFS-hosted sites in ENS-aware browsers
- ✓Cross-chain records: single ENS name stores addresses for 50+ blockchain networks
Frequently Asked Questions About ENS
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