What is ENS crypto and why is its volume soaring?

April 28, 2022 10:52 PM AEST | By Raza Naqvi

What is ENS crypto and why is its volume soaring? — Image source: © Blackboard373 | Megapixl.com

What is Ethereum Name Service (ENS) crypto?

As the name suggests, Ethereum Name Service (ENS) is an open-source and extensible naming system on the Ethereum blockchain. The ENS protocol can convert human-readable Ethereum addresses into alphanumeric codes that can be read via machine.

ENS was launched to make the Ethereum-based web easier for users by making it more accessible. The protocol uses dot-separated hierarchical names like the Internet's Domain Name Service and allows owners to control their subdomains fully.

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In November last year, the ENS was launched through an airdrop, and it is the native governance token of the Ethereum Name Service.

The ENS crypto can be used to govern the protocol and play a role in decisions on pricing the ETH addresses and price oracle. The ENS crypto is available for trading on many cryptocurrency exchanges, including Binance and Mandala Exchange.

There are 20.2 million ENS tokens in circulation, and the total supply is 100 million tokens. Meanwhile, the market cap was US$ 385.1 million at the time of writing, according to CoinMarketCap data.

Bottom line

The rally in the ENS crypto price is not due to any particular development related to the protocol, and it could be due to an overall growth in the cryptocurrency market.

On Thursday morning, the crypto market was recovering, and its market cap had gone up by 1.4 per cent over the previous day to US$ 1.82 trillion.

On April 27, ENS tweeted that it is looking to hire a UI/UX designer as it is looking to push the boundaries of the Web 3 identity.

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