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Ethereum Name Service: How to get your own .eth domain name as demand drives ENS token price surge

By Peter Henn

09:52, 7 October 2022

ENS logo
How do you get an .eth wallet name via Ethereum Name Service

People who want to make it easier to access their cryptocurrency wallets – or, at least, make it easier to remember their crypto wallet’s address – can use the Ethereum Name Service (ENS) protocol. This scheme allows people to pay for an easy to remember wallet address, much like the conventional DNS address that you find on websites, rather than the long and rather random collection of letters and numbers that make up most crypto wallet addresses.

Since it came out in late 2021, more than 573,000 people, using 2.62 million domain names, have signed up to make use of the system. There appears to have been something of an increased uptake recently, with the platform’s native ENS token’s price rising by around 20% over the course of the past four days or so. 

Users of the system can have an address with a .eth suffix, or can even get one with a .net or .com ending.

How to get a .eth wallet address with Ethereum Name Service

Anyway, how do you get hold of a wallet address courtesy of Ethereum Name Service? Let’s explain.

Firstly, you will need to load your crypto wallet with a small amount of ether (ETH). Then, you head to the Ethereum Name Service website and search for the domain name you want to use for your wallet. Then, you connect your wallet. So long as the domain name is available, you can then pay your fee in ETH.

ETH/USD

3,443.17 Price
-1.220% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

174.91 Price
+0.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

65,965.65 Price
+0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
+0.550% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

There are two transactions, designed to ensure that every goes ahead smoothly. Once the first transaction goes through, then there is a one minute wait, designed to ensure that another person has not tried to register the same name.

Once that is done, you have to wait for the second transaction to go through, which may take up to seven days, and then you are set to use your new wallet name in order to send and receive money.

There is an annual charge for the service, with three-digit names costing $640 worth of ETH, four-digit names costing $160 worth of ETH, and names with five or more digits costing $5 worth of ETH.

Markets in this article

ETH/USD
Ethereum / USD
3443.17 USD
-42.53 -1.220%
ENS/USD
ENS/USD
28.5317 USD
-0.9979 -3.400%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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