What is Ethereum Name Service (ENS)?

Discover the key facts about Ethereum Name Service (ENS).

About Ethereum Name Service

ENS is the governance token of the Ethereum Name Service protocol, which issues “.ens” domains.

ENS is an ERC-20 utility token associated with the Ethereum Name Service, a decentralized naming system built on the Ethereum network. The ENS token was issued via an airdrop to all ENS domain holders, ENS contributors, and the ENS DAO community treasury. The ENS token will be used for governance of the ENS protocol and community treasury at launch. ENS domains are issued as NFTs, which are meant to be human-readable addresses that map to public keys on networks like Ethereum, Bitcoin, and others. Other metadata can be stored within an ENS domain such as traditional DNS domains, Twitter profiles, IPFS hashes, and more.

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Why Donate ENS?

Since ENS has appreciated significantly, donating ENS and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.

Don’t want your ENS stack to decrease? Repurchase the same amount of ENS afterward and still get the same tax benefits to offset some (or all) of your gains.

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