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 to date. The project recently detailed that July saw the largest monthly rise in revenue scoring 5,400 ether worth roughly $2.48 million during the course of the month.
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ENS names are nearing the two million mark this week as registrations have steadily risen during the few months. Data from Dune Analytics indicates that after 67,095 ENS registrations in February, the following month the number kicked up to 85,272 ENS registrations.
May saw a significant spike reaching 365,652 registrations or 328% higher than the month prior. The month of June saw a much lower count of ENS registrations as statistics show 122,327 names were registered that month. July, however, was an entirely different story as 378,804 ENS registrations were logged during the 31 days.
On the first of the month, 1.86 million names have been recorded on the Ethereum blockchain and today, 1,888,209 ENS names are etched into the chain. The official ENS Twitter account tweeted about July’s milestones and noted that the project saw $6.8 million in protocol revenue that will all be directed to the project’s DAO.
The protocol saw 5,400 ETH in revenue the “highest” month ever, according to the official Twitter account. ENS domain names are similar to the Internet’s Domain Name Service (DNS), but the project’s architecture adds an extensible naming system built on top of the Ethereum blockchain. Like DNS, Ethereum Name Service uses dot-separated hierarchical names (domains) and owners can leverage subdomains as well.
ENS names can also act as an Ethereum address and other cryptocurrency 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 once had a popular name service platform called TNS before the Terra blockchain project imploded.
ENS also has a decentralized autonomous organization (DAO) for governance decisions and a native ecosystem token that’s currently exchanging hands for $16.24 per unit. The crypto token ethereum name service (ENS) has a circulating supply of around 25.78 million ENS coins. ENS is ranked 114 among more than 13,000 crypto assets in existence and has a market cap of around $418.30 million.
While ENS has gained 9% during the last 24 hours, the crypto asset is down 80% since the token’s all-time price high nine months ago on November 11, 2021. At that time, ENS exchanged hands for $83.40 per unit and on June 14, 2022, ENS hit an all-time low at $7.45 per coin.
Statistics powered by Intotheblock.com show the concentration of large ENS token holders is 86% in comparison to bitcoin’s (BTC) 10% concentration of large holders. During the last seven days, there were $41.60 million worth of ENS transactions greater than $100K recorded on the Ethereum blockchain. Data from cryptocompare.com shows that the largest trading pair with ENS is tether (USDT) as the stablecoin commands 79% of ENS trades on August 3.
USDT is followed by BUSD with 7.94%, USD with 5.09%, USDC with 2.37%, TRY with 1.90%, and BTC capturing 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 registration fees as Ethereum’s average and median-sized data fees have been the lowest in months.
ENS just published its DAO constitution with its 48,823 signers, which is available for free digitally, and the project printed a set of 50 limited edition slipcased copies.
What do you think about the ENS project nearing the 2 million mark with 1.88 million registered today? Let us know your thoughts about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,
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