Ethereum Name Service (ENS) Domains Surge to 1.80million
As per data published by ENS Domains, there were 378,000 fresh .eth registrations last month, with the total number of Ethereum Name Service domain ownership eclipsing 1.80 million. The jump in registrations has come when Ethereum team is working for the forthcoming merge in September. A successful completion of merge will enable transition of top blockchain for DAOs, dapps and NFTs to a proof-of-stake mechanism, from a proof-of-work consensus protocol.
Along with the info regarding the historically high registration, the tweet made by ENS Domains revealed revenues of 5,400 ETH (roughly $8.80 million) and 48,000 fresh Ethereum accounts utilizing a minimum of one ENS name, in addition to over 99% of the domain sales volumes on the OpenSea platform in July.
As per Khori Whittaker, Executive Director of True Names Limited, the hosting firm offering ENS Domains, the jump is organic even though the merge initiative is fueling the increased activity
Whittaker further opined that there is There is an incredibly active and enthusiastic community of ENS proponents who are building sub-communities and promoting awareness regarding what is achievable with ENS domains.”
Whittaker states that there won’t be a jump in registrations without the initiatives of standalone programmers in the network creating marketplaces, many ENS-linked apps and communities such as the “999 club,” the “TLC” club, the “10k” club and the “100k” club, to name a few.
The decline in Ethereum transaction gas fees is another factor, as per Whittaker, for the jump. He pointed out that domain registration activities pickup pace whenever gas fees decline.
Also, the Executive Director stated that there is a rise in activities in the ENS ecosystem by non-English speaking groups, including Spanish and Arabic groups.
The Ethereum Name Service, or ENS, is in charge of the issue and renewal of.eth domain names based on Ethereum. These domains may be sold as non-fungible tokens, or NFTs, which are cryptographically unique tokens that are tied to digital (and occasionally physical) information and serve as evidence of ownership. ENS domains may also be linked to bitcoin wallets. Users may accept a transaction by providing their.eth domain name instead than verifying a sender with a lengthy Ethereum address.
Other vendors of crypto-related domain names have entered the market, selling domains such as.sol (Solana),.bitcoin, and.zil (Zilliqa), among others. These domain kinds are also common methods to demonstrate that you “belong” in Web3.
On his official Twitter account in June, iconic actor Anthony Hopkins added a.eth domain to his name, asking other Web3 superstars Snoop Dogg, Jimmy Fallon, and Reese Witherspoon for advice on which NFT Hopkins should acquire first.
“People are looking for quality projects and quality processes that will last,” Whittaker said. “There are many intriguing and enjoyable Web3 initiatives out there, and the Ethereum Name Service is without a doubt one of the most notable.”