Ethereum Name Service ENS

Price

At a glance

The four pillars

Each scored 0–100 relative to the Infrastructure & Oracles sector (not absolute). Composite weights are sector-specific.

Valuation

ENS is middleware the rest of crypto depends on — the highest cost-to-turn-off per dollar of market cap in the asset class. That is the Raoul Pal value-at-risk lens at its purest: the moat is real and enormous. The tension: direct fee capture is early and partly opaque. We publish both truths and refuse to net them into false precision. On the Value pillar it screens mid-range versus its sector (53/100 sector-relative).

Tokenomics & dilution

Float is only 41% of FDV — a large low-float/high-FDV overhang. Vesting VCs/team are price-insensitive sellers; this is the single most deterministic bearish force in crypto and it caps the rating. Hard-capped max supply (100,000,000) — no perpetual inflation. Unlock dates are contractual and public — the closest thing crypto has to an earnings calendar, and the market systematically underprices them. (Live unlock-calendar integration is the next data layer.)

Network & moat

Value capture: INDIRECT — value accrues via staking/collateral/gas demand. Network/moat is this token's heaviest pillar — the Metcalfe lens (value scales with the square of real users) and the 'economic value destroyed if you turn it off' test. Winners compound network effects; that's why the moat pillar is slow-moving and structural.

How to invest

Hold / watch — own it for sector exposure, not as a standout; trade around a core. Below the 200-day ($6.77) — trend is broken; wait for reclaim before accumulating.