All About Ethereum Name Service (ENS)

ENS is a governance token that serves as the native token of the Ethereum Name Services protocol, which allows users to connect complicated identifiers like wallet addresses with human-readable names ending in “.eth”.

The ENS protocol is a domain naming system that’s designed to allow users to purchase and link human-readable names to single or multiple wallet addresses. Instead of conducting Ethereum transactions using a complicated and hard-to-remember alphanumeric string, users can pay a registration fee in Ether (ETH) to rent an ENS domain for a set duration of time. As one of the most widely-adopted blockchain naming standards, the ENS protocol aims to help users acquire their “Web3 username”.

The ENS protocol is similar in principle to the Domain Name System (DNS), which is used to link IP addresses, which come in complicated numerical strings, to easily navigable domain names like https://www.binance.us. All domain names generated by the ENS protocol end in .eth. In addition, .eth domain names are non-fungible, which means the domain names are not only one-of-a-kind, but can be sent to other users as a non-fungible token (NFT).

What is Ethereum Name Service (ENS)?

As a governance token, ENS allows token holders to submit or vote on proposals. There is no staking or lending functionality, but some DeFi platforms have independently introduced ENS liquidity pools. The only way to acquire ENS is to purchase it using a digital asset platform like Binance.US.

How to buy Ethereum Name Service (ENS)

Note: This article was last updated on April 21, 2022. Deposits for ENS first opened on March 8, 2022 at 5 p.m. PDT / 8 p.m. EDT. Trading opened 24 hours later on the ENS/USDT pair. Trading on the ENS/USD pair and "Buy Crypto" functionality was added on April 21, 2022.

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