ENS · vesting finished, supply fixed, nothing new hits the market.
ENS is the governance token of the Ethereum Name Service, the naming layer for Ethereum addresses — an ERC-20 with a fixed 100M supply, ~40.41M circulating (~40%).
Sell pressure. The 4-year vesting schedule finished in Nov 2025, so no scheduled unlock fires — 0 new ENS to market over 90 days.
Buy pressure. No buyback and no burn — protocol revenue is collected in ETH, so nothing removes ENS from supply.
Net. Sell and buy both sit at zero, so supply on the market is flat — 0.00% over 90 days.
Fixed 100M total supply — on-chain totalSupply() returns 100,000,000 ENS exactly. Governance may mint up to 2%/year, but that power has never been exercised and no mint is scheduled in the window.
The 4-year linear vesting (DAO treasury + contributors, from Nov 8 2021) reached completion in Nov 2025. The schedule has physically expired — no remaining cliff fires in the next 90 days.
The ENS DAO controls a large ENS treasury overhang — ~9.70M ENS in the on-chain governance timelock, with the bulk of the 50M community allocation held in ENS. No ENS sale has been observed: the DAO funds operations by selling ETH from .eth registration revenue, and the endowment manager holds only ETH and USDC, not ENS. Overhang tracked, value 0 until an outflow is observed.
No bankruptcy estate holds ENS.
ENS runs no programmatic buyback. Protocol revenue (.eth registration fees, paid in ETH) flows to the DAO treasury and endowment, not to ENS repurchases.
No ENS fee burn. Registration revenue is collected in ETH; there is no mechanism that removes ENS from supply.
No open-market ENS accumulation programme by the Foundation or DAO.
No new lock-up or staking programme has been announced for ENS.
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