Along with the announcement of a date for The Merge, engagement for domain names at the Ethereum Name Service (ENS) has never been stronger. Thus, in this month alone, the ENS registered more than 378,000 new registrations and broke its sales record, totaling 5,400 ETH, or approximately $8.8 million.
The Ethereum Name Service is on the rise
According to a tweet from theEthereum name service Revealing monthly data relating to the last Julythe number of registrations for “.eth” domain names has never been so high.
July 2022 statistics for ENS
– 378,000 new .eth registrations (total of 1.86 million names)
– $6.8 million in protocol revenue (all goes to DAO)
– 5,400 ETH in revenue (highest month ever)
– 48K new eth accounts with at least 1 ENS name (total 508k)
– >99% of OpenSea domain volume pic.twitter.com/TdD16FOX2d
— ens.eth (@ensdomains) August 1, 2022
According to the data presented here, more than 378,000 domain names were registered with the Ethereum Name Service in July. Additionally, ENS reveals that it recorded over 5,400 ETH in revenue (or roughly $8.8 million) in the same month, making it the period the most lucrative since its creation.
In total, the registered Ethereum Name Service 1.87 million domain names “.eth” for just under 510,000 unique subscribers. The total of files with the ENS thus reaches more than 28,000 ETH, i.e. approximately $47 million.
This success can be recognized without too much risk at thecalendar announcement related to the long-awaited Merge update that will move the Proof-of-Work (PoW) consensus blockchain proof of stake (PoS), whose implementation on the mainnet is scheduled for September 19, 2022.
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A growing interest in ENS over the long term
According Khori Whittakerthe executive director of Real names limitedthe enthusiasm for the fields of the ENS is also synonymous with growing success due to the efforts of various Web 3.0 communities. Here is what he said about it in an exchange with our colleagues from Decrypt:
“There is an extremely active and passionate ecosystem of ENS advocates, who have independently and organically created sub-communities and spread awareness of the possibilities offered by ENS domains.”
Logical but interesting fact, according to Khori Whittaker, the ENS experiences registration pictures in periods when the Ethereum transaction fees are at an all-time low. He is also seeing new success with various communities around the world, particularly in the arabic and spanish speaking countries.
In any case, the ENS token could observe a increase from mid-July, schedule announcement period for The Merge. Thus, over the last 30 days, the token has been able to climb from order 86.2%, bringing it to its current price of $16.47.
ENS course over 30 days
The use cases of ENS domains are multiple, they can for example be exchanged as non-fungible tokens (NFTs) or even redirect to a wallet, a much simpler method than the usual non-memorizable addresses.
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