Ethereum Name Service (ENS) domains soared in July as the project witnessed the largest monthly increase in revenue. The total number of registrations has surpassed the enormous barrier of two million.

Ethereum Name Service, better known as ENS, describes itself as a web3-compliant decentralized protocol that binds complex machine-generated strings of alphanumeric characters with easy-to-understand names.

The nonprofit naming system is powered by the Ethereum blockchain, where ENS domain names are protected with the help of smart contracts. Also. these domain names are also non-fungible tokens and can be sold on NFT markets including OpenSea.

In short, it can be defined as an NFT that can act as an ETH wallet address, a crypto hash, or a website URL.

Ethereum Name Service (ENS) Statistics So Far

According to data from Dune Analytics, more than 525,000 addresses had participated. Charts indicated 67,095 ENS registrations in February, but the numbers shot up to 85,272 the following month. The upward trend continued with 162,978 registrations in April, while May saw a significant increase of 365,652 registrations, 124% more than the previous month.

The month of June, on the other hand, saw just 122,327 names registered as a result of the unprecedented market turmoil. The figures completely changed in July amid a recovery in market sentiment among investors. In fact, ENS registrations reached 378,804 during that month.

The number of ENS registrations in July exceeded 378,000. The month also saw intense activity in terms of protocol revenue, which exceeded $6.8 million.

growing adoption

Latest statistics further reveal that ENS is a widely integrated naming standard with over 1.67 million names, with 505 integrations, with up to 482k ownership. Nick Johnson, the founder and lead developer of ENS, retweeted,

“It took 5 years to get to 1,000,000 names and then just 3.5 months to get to 2,000,000!”

The long-awaited merger may play little role in the increased activity. Another factor that may have caused the increase is the drop in gas fees for Ethereum transactions. Historically, whenever gas rates drop, domain registration activity increases.

The widespread adoption can be evidenced by the fact that prominent personalities have added the .eth extension to their names on social media platforms.

The list includes Ethereum co-founder Vitalik Buterin, Reddit co-founder Alexis Ohanian, Coinbase’s Brian Armstrong, Shopify CEO Tobias Lütke. Celebrities like Jimmy Fallon, Paris Hilton, and Snoop Dogg have added .eth domains to names on their Twitter accounts. Even the legendary actor Anthony Hopkins acquired the identity of Web3 on Ethereum.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off Binance Futures first month fees (terms).

PrimeXBT Special Offer: Use this link to sign up and enter the code POTATO50 to receive up to $7,000 on your deposits.





This post Ethereum Name Service (ENS) Domains Surpass 2 Million After July Record

was published first on https://cryptopotato.com/ethereum-name-service-ens-domains-exceed-2-million-after-record-breaking-july/

Author

Write A Comment