ENS is the ERC20 governance token of the Ethereum Name Service (ENS) DAO, which manages the treasury and key parameters of the ENS protocol, such as domain pricing, the protocol’s price oracle, and more.

Ethereum Name Service is an open-source, decentralized internet naming protocol on the Ethereum blockchain. The protocol’s main function is turning machine-readable data, such as wallet addresses, hashes, and metadata, into human-readable language. It is essentially the Web3 equivalent of the Domain Name System (DNS) that turns IP addresses into readable website URLs that we use every day when browsing the internet. Instead of having to memorize or copy/paste long, meaningless strings of characters to access crypto services, ENS allows users to generate their own easily readable addresses to make accessing Web3 more user-friendly than ever. Once users own an ENS domain, they can create subdomains linked to other addresses, meaning users can create one domain name connected to all of their public addresses.

More information here https://ens.domains/