Ethereum Name Service (ENS)

Offers a secure and decentralised way to address resources both on and off the blockchain using simple, human-readable names on Ethereum.

Basics

• Founded in: 3-5-2017
• Mainnet release:
• Based in:
• From this blog guide to ENS:

"The core functionality of the ENS is registering .eth domains. There are a few important rules to keep in mind when it comes to registering domains on the ENS:

1. Minimum domain length is 3 characters.
2. Annual renewal fees. 3 characters: $640/year, 4 characters: $160/year, 5+ characters $5/year.
3. Emojis are valid. 👍🏼"

Audits & Exploits

• Bug bounty program can be found [insert here]. None according to Blockchain Security DB (29-6-2020), which does show 1 audit(3-2019).

Bugs/Exploits

• From Blockthreat (28-4-2022):

"ENS Domain Spoofing Vulnerability reported by Hackxyk.

ENS patched a null byte injection vulnerability reported by lcfr.eth."

• Sam Sun found a bug in their project. This required a complete migration (3-3-2020) to new contracts.

Token

Launch

• Announced their ENS token on 2-11-2021. Airdrop on 8-11-2021.

Token allocation

• From their blog (3-11-2021):

"There will be 100 million total $ENS tokens, and the distribution is as follows:

1. 25% airdrop to .ETH holders (>137k accounts)
2. 25% to ENS contributors (>100 individuals and groups, plus hundreds of Discord users)
3. 50% to the DAO community treasury"

Coin Distribution

• From Our Network (13-11-2021):

"The airdrop was interesting due to how equitable the drop was for smaller players. 14,302 wallets received between 50 to 100 tokens each. Only 16 wallets received more than 1000 tokens from the airdrop."

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Ethereum

Upgrades

• From EthHub (31-8-2021):

"This integration enables a DNS domain owner to import it for use on ENS - for example, Google can now attach their Ethereum address to google.com and have it work exactly like google.eth would."

Scaling

• This proposal (9-9-2020) goes into a possible L2 solution for ENS names.

Oracle Method

• Got Chainlink integrated (26-7-2020).

Roadmap

• Can be found [Insert link here].
• From their post (7-4-2020); they want to have manager improvements, a homepage revamp and some unclear future governance improvements.

• From their State of the ENS (22-9-2020):

"Our focus is mostly on rolling out DNSSEC integration as well as bug fixing and improving our ENS manager app.

For more long term goals, we will be discussing at our up and coming ENS workshop."

Usage

• From Week in Ethereum (20-8-2022):

"Two million names created, one million in 3.5 months."

• From Kerman Kohli (4-8-2022):

"ENS currently totalling $60m in revenue till date with decent growth as well. It’s great to see that they’re a profitable business with sound economics and a product that people want/use. Main issue here is that there is no way in which value accrued from fees goes back to ENS holders. Given they have a presence in the US this is going to be a regulatory issue holding them back."

• From The Defiant (3-5-2022):

"ENS surpassed the milestone of one million created names. A record 63,723 names were registered on May 2, and10,000 to 20,000 were registered daily over the past seven days according to Dune Analytics. Prior to the surge, the daily record for new ENS registrations was 7,125 on Nov. 10, 2021."

• Had an uptick after the airdrop (13-11-2021):

"North of 7000 domains were registered in the days following release of the tokens, compared to less than 1000 on an average day in the weeks before."

• From their State of the ENS (22-9-2020):

"The overall number of names has decreased quite drastically from 310k to 190k. This is due to expired names after ENS transitioned into an annual fee model. We hit the 150 integrations milestone"

• From this blog (11-12-2019):

"The average Ethereum Name Service owner purchased 1–2 domain names while some “whales” own hundreds. And (while this data point is no longer accurate) at one point there were over 600k auctions of ENS domains."

Projects that use or built on it

• Omen uses their tech (1-7-2020).
• Snapshot

Competition

• Handshake, IOV Name Service (on Cosmos).
• On it's value and competition as this tweet (19-1-2020) puts it:

"Allows anyone to substitute a hex address to a resource on the network for a human-readable name. ENS is a uniform resource identifier service on ETH and now has a 4-year head start on any other platform service at the time of this tweet."

Team, Funding, Partners

Team

• Full team can be found [here].
• Nick Johnson

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