LCX Exchange Will List Ethereum Name Service ($ENS) on Tuesday, 4th February 2025, at 12 PM CET

Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.

LCX Exchange is pleased to announce the listing of $ENS.

Starting on Tuesday, 4th February 2025, at 12 PM CET, LCX Exchange will support the $ENS. Deposits will start on – Tuesday, 4th February 2025, at 12 PM CET. The trading pair $ENS/EUR will be listed.

What is $ENS?

Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS essentially converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask. The reverse conversion — associating metadata and machine-readable addresses with human-readable Ethereum addresses — is also possible.

The goal of Ethereum Name Service is to make the Ethereum-based web easier to access and comprehend for humans – similar to how the Internet’s Domain Name Service makes the internet more accessible. Like DNS, ENS also uses a system of dot-separated hierarchical names called domains with domain owners having full control over their subdomains.

ENS launched with a highly successful retroactive airdrop in November 2021 that rewarded users who had registered addresses before the project launched its token. However, in February 2022, it faced criticism over apparently homophobic tweets by its director of operations.

What Makes Ethereum Name Service Unique?

Ethereum Name Service has a one-of-a-kind value proposition due to being the first service that transfers the Domain Name Service to the decentralized Web3.

ENS is not a company but an open-source project that calls itself “an open public utility that belongs to the company.” Essentially, it aims to become a piece of infrastructure as vital to Web3 as the DNS is to the internet. Moreover, ENS does not have a single point of failure thanks to blockchain technology and is, by design, more censorship-resistant and secure.

One of the main obstacles to the mass adoption of blockchain technologies has been their accessibility and ease of use, which ENS aims to remedy. Instead of using machine-readable albeit inconvenient alphanumeric codes, users can receive any crypto or NFT to a short and easy-to-remember link. This simplifies the user experience and makes blockchain technology less technical.

Under the hood, ENS is built on two smart contracts. The first is an ENS registry that records domains registered on ENS and stores the following information about each of them:

The second smart contract is the resolver. Its purpose is to translate the machine-readable addresses to domain names and vice versa and match each domain to its corresponding user, website, or address.

Users can sign up for an LCX Account here.