ENS vs OP
Ethereum Name Service and Optimism scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
ENS scores 137 of 250 and ranks 37th of 251. OP scores 123 and ranks 56th. ENS leads by 14 points, which is a real gap, though small enough that one variable moving would close much of it. ENS takes 12 of the 25 variables, OP takes 6, and 7 are level.
3 variables separate them by 3 points or more. ENS is clear on Protocol Revenue (6 against 3), Vesting Schedule (5 against 2) and Insider Selling (6 against 3).
Both score 3 or below on Supply Inflation, Circulating / FDV Ratio, Real Staking Yield. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
OP is valued at $273.9M against $269.1M for ENS, a 1.0x difference. The smaller of the two scores higher on fundamentals, which is the disagreement worth understanding before either position is taken.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 6 | 3 | ENS +3 | |
| Revenue Trend | 6 | 5 | ENS +1 | |
| P/S Multiple | 5 | 4 | ENS +1 | |
| Real Staking Yield | 3 | 2 | ENS +1 |
Supply
| Supply Inflation | 3 | 2 | ENS +1 | |
| Vesting Schedule | 5 | 2 | ENS +3 | |
| Circulating / FDV Ratio | 3 | 3 | level | |
| Buyback and Burn | 5 | 3 | ENS +2 |
Ownership
| Smart Money Flows | 6 | 6 | level | |
| Insider Selling | 6 | 3 | ENS +3 | |
| Holder Concentration | 5 | 5 | level |
Traction
| TVL Trend | 4 | 5 | OP +1 | |
| Active Users | 6 | 6 | level | |
| Developer Activity | 7 | 8 | OP +1 | |
| Network Growth | 6 | 5 | ENS +1 |
Position
| Market Share | 8 | 6 | ENS +2 | |
| Competitive Moat | 7 | 6 | ENS +1 | |
| Institutional Adoption | 5 | 6 | OP +1 | |
| Exchange Depth | 6 | 7 | OP +1 | |
| Social Mindshare | 5 | 6 | OP +1 |
Risk
| Regulatory Safety | 7 | 7 | level | |
| Catalyst Calendar | 6 | 6 | level | |
| BTC Alpha Potential | 4 | 4 | level | |
| Team Execution | 6 | 7 | OP +1 | |
| Treasury Runway | 7 | 6 | ENS +1 |
Bars read outward from the centre: ENS to the left, OP to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| ENS | OP | |
|---|---|---|
| Price | $6.36 | $0.1191 |
| Market cap | $269.1M | $273.9M |
| Circulating | 42.3% | 53.5% |
| Dilution to full supply | 2.37x | 1.87x |
| Off all-time high | -92.4% | -97.5% |
| To recover the high | 13.2x | 40x |
| Total value locked | not published | $780.0M |
| Network | Ethereum | Optimism |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
ENS · CAUTIOUS HOLD
ENS V2 L2 expansion driving registration volume surge
Revenue concentrated in speculative domain registrations which can dry up in bear markets
OP · CAUTIOUS HOLD
Superchain interoperability connecting Base, Optimism, Zora; sequencer revenue growing
Only 30% circulating; OP Foundation and investor releases through 2027 create persistent sell pressure
Common questions
- Is ENS or OP the better investment?
- On this framework ENS scores higher: 137 against 123 of 250, and it is rated CAUTIOUS HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and ENS still wins 12 of the 25 individual variables against OP.
- What is the biggest difference between ENS and OP?
- Protocol Revenue. ENS scores 6 of 10 there and OP scores 3, a gap of 3 points on a single variable.
- Which is bigger, ENS or OP?
- ENS is valued at $269.1M and OP at $273.9M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.