How do I extend my ens name?

Could you elaborate on the process of extending my ENS name? I've heard that it's a valuable aspect of my cryptocurrency holdings, but I'm not quite sure how to proceed. Do I need to renew it annually, or is there a one-time fee? Are there any specific requirements or steps I need to take to ensure the extension is successful? Additionally, are there any potential risks or considerations I should be aware of before extending my ENS name? Your guidance in this matter would be greatly appreciated.