What is Ethereum Name Service crypto’s utility? ENS token gains

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 What is Ethereum Name Service crypto’s utility? ENS token gains
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Highlights

  • The Ethereum Name Service project is claiming to make blockchain names more identifiable
  • ENS is the token native to the project, with a maximum supply limit of 100 million
  • ENS’s price has remained subdued since November last year, but it is up over the past 24 hours

Ethereum’s network underlies a variety of projects that include non-fungible tokens (NFTs) and ERC-20 coins. The second-largest cryptocurrency, Ether, may be capable of more blockchain-related tasks than even Bitcoin.

One project, Ethereum Name Service or ENS, is also linked to Ethereum but in a different capacity. It comes with the same decentralized autonomous organization (DAO) underpinning, powered by a native token, as many other blockchain projects, but there are a few key differences.

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What makes the ENS crypto project different?

Heard of the Domain Name System (DNS)? It is nothing but a service that enables easy identification of internet-based addresses. ENS claims to do in Web3 what DNS has done to the internet -- converting machine-readable addresses to being human-readable.

ENS, however, uses the .ETH suffix, unlike .com and other popular suffixes used by DNS. The project claims it can help blockchain enthusiasts store crypto assets, NFTs and other tokens in one ENS address.

ENS is behind over 700,000 names with over 300,000 owners, according to the website. In the ENS ecosystem, users can search for an available address, register it against their name, and own the address.

The ENS project claims to be compatible with browsers like Opera, applications like OpenSea, the wallets of Coinbase and more.

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ENS crypto

Ethereum Name Service uses ENS as its governance token. The project claims it is open-source, with all powers distributed among users that can decide the pricing of services.

The ENS token enables the users to vote and decide on these aspects. ENS can have a maximum of 100 million tokens, of which nearly 20.2 million are currently in supply.

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ENS crypto’s price

The ENS coin is not a large cap cryptocurrency as of now, but it still was one of the top 150 cryptos with its market cap of nearly US$298 million as of writing. Over the past 24 hours, the trading volume of ENS was nearly US$60 million.

The price of the ENS crypto as of writing was approximately US$14.5. It can be traded on Binance, OKX and a few other crypto exchanges.

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ENS crypto price fluctuation

It is notable that the ENS crypto was priced as high as US$80 in November 2021, but a continuous slide in price brought it to nearly US$40 by the end of the year. The ENS crypto has yet to regain much ground despite some gain lately before it can think of reaching its all-time high price again.

ENS crypto price in 2022

Data provided by CoinMarketCap.com

Bottom line

Ethereum Name Service claims to provide DNS-like services to the decentralized Web3. The ENS crypto is native to it, and the utility and performance of the project in the coming months might shape the price of the token. ENS crypto’s price prediction is nearly impossible to make considering its own volatility and the wider volatility of the crypto market.

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