Pro
ENS: Evaluating Growth Opportunities
Key Insights
- Application-layer development in verticals like DeSoc and Gaming serve as tailwinds for the potential acceleration of ENS’ growth.
- The username space is still early. Competitors like Lens and Unstoppable Domains are threats to ENS. Additionally, new breakout applications may develop their own native naming protocols instead of plugging into existing infrastructure.
- Our growth assumptions yield a weighted price of $15.23 per ENS token.
Fueled by interest from 3-digit username enthusiasts, emoji speculators, and Arthur Hayes, the Ethereum Name Service (ENS) experienced a mini manic cycle during Q2 2022. Volumes were parabolic. 3-digit ENS went from unregistered (anyone could claim) to 20+ ETH floor prices.
The bubble has since burst, but ENS is still here. What growth prospects does ENS have moving forward?
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