ENS needs further reforms.The most crucial step is to bring ENS tokens into practical use within the protocol. Just as ETH acts as gas to secure transactions on Ethereum, ENS tokens serve as the gas safeguarding the domain naming service — their utility manifests not as transaction fees, but as annual domain registration charges.

Much like how Ethereum distributes its revenue back to protocol contributors (stakers), ENS revenue ought to flow to its own contributors, including developers, promoters, and governance voters.

Integrating ENS tokens into core protocol functions does more than streamline incentive structures and fuel ENS’s sustainable growth. It also marks a pioneering model that seamlessly merges non-profit protocol development with market-driven investment. This breakthrough will greatly advance innovations in market mechanisms, comparable to the historic invention of the joint-stock company.