ENS, the governance token of Ethereum Name Service, hit a market capitalization of $1.15b earlier this week, which is equal to about 10% of the value of GoDaddy, the 24-year-old internet domain registrar and web hosting company. Like GoDaddy, Ethereum Name Service makes money when people register and renew domain names. Unlike GoDaddy, the Web3-native project is itself a naming protocol.