Alongside the announcement of a date for The Merge, the domain name craze at the Ethereum Name Service (ENS) has never been stronger. In this month alone, the ENS saw over 378,000 new registrations and broke its record for sales, totaling 5,400 ETH, or about $8.8 million.
Ethereum Name Service is on a roll
According to a tweet from the Ethereum Name Service revealing monthly data for July this year, the number of registrations for “.eth” domain names has never been higher.
July 2022 stats for ENS
– 378K new .eth registrations (total 1.86m names)
– $6.8m in protocol revenue (all goes to the DAO)
– 5,400 ETH in revenue (highest ever month)
– 48K new eth accounts w/ at least 1 ENS name (total 508k)
– ☻99% of OpenSea domain vol pic.twitter.com/TdD16FOX2d– ens.eth (@ensdomains) August 1, 2022
According to the data highlighted here, over 378,000 domain names were registered with the Ethereum Name Service over the month of July. In addition, ENS reveals that it recorded over 5,400 ETH in revenue (or approximately $8.8 million) over the same month, making it the most lucrative period since its inception.
In total, the Ethereum Name Service registered 1.87 million .eth domain names for just under 510,000 unique registrants. Total registrations with the ENS thus reached more than 28,000 ETH, or about $47 million.
This success can be safely attributed to the announcement of the timetable for the long-awaited Merge update that will move the blockchain from Proof of Work (PoW) consensus to Proof of Stake (PoS), scheduled for implementation on the mainnet on 19 September 2022.
Interest in PoS is growing over the long term
Khori Whittaker, executive director of True Names Limited, says the interest in ENS domains is also a sign of growing success due to the efforts of the various Web 3.0 communities. Here’s what he had to say about it in an exchange with Decrypt:
There is an extremely active and passionate ecosystem of ENS advocates who are independently and organically creating sub-communities and spreading the word about the possibilities of ENS domains”.
Logically but interestingly, according to Khori Whittaker, ENS sees registration spikes in times when transaction fees on Ethereum are at their lowest. He also sees new success with different communities around the world, especially in Arabic and Spanish speaking countries.
In any case, the ENS token has seen a rise since mid-July, when the schedule for The Merge was announced. Over the last 30 days, the token has risen by 86.2% to its current price of $16.47.
ENS 30-day price
ENS domains can be used in a variety of ways, for example, they can be exchanged as non-fungible tokens (NFTs) or even redirected to a wallet, a much simpler method than the usual non-memorable addresses.
This method will tend to develop in the coming years, to cover a multitude of domains.
