Ethereum Name Service is a decentralized name service registry built on the Ethereum blockchain. The platform enables users to link a human-readable name to wallet addresses, simplifying the process of receiving payments. As part of a shift toward greater decentralization, Ethereum Name Service introduced the ERC-20 governance token, ENS, in November 2021, extending future decision-making to its community.
To protect DAO members legally, Ethereum Name Service established the ENS Foundation in the Cayman Islands. In addition to control over various protocol parameters such as .ETH pricing and the allocation of treasury funds, ENS token holders will have the power to appoint or dismiss foundation directors and instruct the organization as it conducts real-world activities.