Ethereum Name Service (ENS) is a service on the Ethereum Blockchain that aims to convert addresses into more understandable and user-friendly names. There is a significant demand for ENS in terms of dollars. Etherscan, a Blockchain explorer used to track Ethereum’s transactions, addresses, contracts, and other statistics, has requested the creation of a regular budget for the continuous development of Ethereum Name Service.
The Etherscan team has requested an annual budget of $1 million for the continuous improvement, support, and related advancements on the Ethereum Name Service. This budget proposal was made on the Ethereum Name Service DAO forum.
In November 2021, Etherscan received significant financial support from the Ethereum Name Service. At that time, Ethereum Name Service had attached 46,296 ENS to Etherscan.
Etherscan has been developed to provide users with detailed information about wallets, transactions, and contracts in Ethereum. It offers detailed insights into events happening on the Blockchain.
Ethereum Name Service is designed to host Ethereum wallet addresses, similar to an internet domain name system. This allows users to use more readable names (e.g., omer.eth) instead of complex Ethereum wallet addresses.