The number of Ethereum Name Service (ENS) domains is nearing the two million mark as 1,888,209 ENS names have been etched into the Ethereum blockchain so far. The project recently detailed that July saw the biggest monthly revenue increase of 5,400 ether worth around $2.48 million over the course of the month.
ENS registrations skyrocketed last month with 378k names etched into the Ethereum blockchain
VIS names are approaching the two million mark this week as signups have been steadily increasing for several months. Data from Dune Analytics indicates that after 67,095 ENS registrations in February, the following month the number had increased to 85,272 ENS registrations.
A significant spike could be seen reaching 365,652 signups or 328% higher than last month. June has a much lower number of ENS registrations as statistics show that 122,327 names were registered in that month. However, July was a completely different story as 378,804 ENS registrations were recorded in 31 days.
At the beginning of the month, 1.86 million names were recorded on the Ethereum blockchain, and today, 1,888,209 ENS names have been etched into the chain. ENS . Official Twitter Account tweeted about the July milestones and noted that the project has already achieved $6.8 million in revenue from the protocol, all of which will go to the project’s DAO.
The protocol saw 5,400 ETH on “highest” monthly revenue ever, according to the official Twitter account. ENS domains are similar to the Internet’s Domain Name Service (DNS), but the project’s architecture adds a scalable naming system built on top of the Ethereum blockchain. Like DNS, Ethereum Name Service uses dot-separated hierarchical names (domains), and owners can also take advantage of subdomains.
The ENS name can also act as an Ethereum address and other crypto addresses, but instead of a long string of alphanumeric characters, it can be a machine-readable name like bob.eth. There are other blockchain projects that operate name services on alternative chains like Bonfida’s Solana name service and Terra used to have a popular name service platform called TNS before the Terra blockchain Exploding project.
ENS Governance Token 80% Off Due to High Coin Price, Limited Edition 50 Copies Printing Project of ENS DAO Constitution
ENS also has a decentralized autonomous organization (DAO) for governance decisions, and native ecosystem tokens are currently being exchanged for $16.24 per unit. Cryptocurrency Tokens ethereum name service (ENS) has a circulating supply of about 25.78 million ENS coins. ENS is ranked 114th out of over 13,000 crypto assets in existence and has a market capitalization of around $418.30 million.
While ENS has gained 9% in the last 24 hours, the crypto asset is down 80% since the token’s all-time high price 9 months ago on November 11, 2021. At the time, ENS changed hands at $83.40 per unit and on June 14, 2022, ENS hit an all-time low of $7.45 per coin.
Statistics powered by Intotheblock.com shows that the concentration of large ENS token holders is 86% compared to bitcoin (BTC) 10% concentration of large holders. Over the past seven days, there have been $41.60 million in ENS transactions worth over $100k recorded on the Ethereum blockchain. Data from cryptocompare.com shows that the largest trading pair with ENS is tether (USDT) as the stablecoin commanded 79% of ENS transactions on Aug 3.
USDT followed by BUSD with 7.94%, USD with 5.09%, USDC with 2.37%, TRY with 1.90% and BTC accounts for 1.54% of all ENS swaps. While ENS saw a significant spike in ENS registrations in May, the spike recorded in July saw significantly lower subscription fees because of data charges Ethereum average and average size are the lowest in many months.
ENS just published its DAO constitution with 48,823 signatories, made available digitally for free, and the project printed a set of 50 limited edition slide prints.
What do you think about the ENS project nearing the 2 million mark with 1.88 million registrations today? Let us know your thoughts on this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,
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