Cryptocurrencies . 4 Aug 2022

Ethereum Name Service Domain Registrations Hit Record Highs

by Ayush Kumar
Ethereum Name Service Domain Registrations Hit Record Highs
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The total number of Ethereum Name Service (ENS) domains registered to cross 1.8 million as “the merge” kicks in. 

Following the merge, Ethereum will shift from a proof-of-work consensus to a proof-of-stake consensus for more energy-efficient operations. 

Nearly 1,890,339 ENS names were created to date, according to data from Dune Analytics. Of these 378,000 names were registered in July and 122,327 were registered in June.

In July, 48,000 new Ethereum wallets own at least an ENS domain, according to data from dune analytics and the DAO generated $6.8 million in revenue over the same period.

Traders are harnessing the low-gas fees on Ethereum by registering ENS domains at a discount and later selling them on the secondary markets for a quick profit. 

“July wave in registrations for the Ethereum name service domain is organic,” Khori Whittaker, an ENS executive told Decrypt. “There is an incredibly dynamic and passionate ecosystem of ENS promoters who are independently and organically forming sub-communities and circulating the buzz about what is achievable with ENS domains”

He acknowledges it would not have been feasible without the efforts of the developers in developing marketplaces and other ENS-related apps and groups like the TLC club or the 10k club. 

Currently, ENS, the token behind all things at Ethereum Name Service trades at  $16.12, up 7.1% over the past 24 hours. 

Despite today’s bullish price action, the token lost 80.7% of its value since its all-time high of $83.40 recorded in November 2021, suggests data from Coingekco.