ENS Domain Registrations Soar Last Month, Total Names Created Nears 2 Million

The number of Ethereum Name Service (ENS) domains is approaching the two million mark, as 1,888,209 ENS names have been burned into the Ethereum blockchain to date. The project recently detailed that July saw the biggest monthly increase in revenue with 5,400 ethers worth around $2.48 million during the month.

ENS registrations surged last month with 378,000 names burned into the Ethereum blockchain

ENS names are approaching the two million mark this week as registrations have increased steadily over the past few months. Data from Dune Analytics reports that after 67,095 ENS registrations in February, the following month the number increased to 85,272 ENS registrations.

The month of May saw a significant peak reaching 365,652 registrations, or 328% more than the previous month. June saw a much lower number of ENS registrations, with statistics showing that 122,327 names were registered that month. July, however, was a whole different story as 378,804 ENS registrations were registered over the 31 days.

On the first of the month, 1.86 million names were registered on the Ethereum blockchain and today 1,888,209 ENS names are burned into the chain. The official ENS Twitter account tweeted on the July milestones and noted that the project generated $6.8 million in protocol revenue which will all be directed to the project’s DAO.

ENS domain registrations skyrocketed last month, total number of names created nears 2 million
Total number of ENS names created as of August 3, 2022, according to statistics from Dune Analytics.

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 also take advantage of subdomains.

ENS names can also act like 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 Solana Name Service and Terra once had a popular name service platform called TNS before the Terra blockchain project imploded.

ENS Governance Token Down 80% Since High Coin Price, Project Prints 50 Limited Edition Copies of ENS DAO Constitution

ENS also has a decentralized autonomous organization (DAO) for governance decisions and a native ecosystem token that is currently trading hands for $16.24 per unit. The crypto token ethereum name service (ENS) has a circulating supply of approximately 25.78 million ENS coins. ENS is ranked 114 out of over 13,000 existing crypto assets and has a market capitalization of around $418.30 million.

While ENS has gained 9% in the past 24 hours, the crypto asset is down 80% since the token’s all-time high price nine months ago on November 11, 2021. At that time, ENS traded hands for $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 show that the concentration of large ENS token holders is 86% compared to that of bitcoin (BTC) 10% concentration of large holders. In the past seven days, $41.60 million in ENS transactions over $100,000 have been 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 transactions on August 3.

ENS domain registrations skyrocketed last month, total number of names created nears 2 million
The constitution of the ENS DAO has been published and the team has produced 50 limited edition physical copies of the constitution of the decentralized autonomous organization.

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 increase in ENS signups in May, the surge in July resulted in a significant drop in signup fees, as Ethereum’s average and median data fees were the highest. low for months.

The ENS has just released its DAO constitution with its 48,823 signatories, which is freely available digitally, and the project has printed a limited edition set of 50 copies.

Keywords in this story

2022, blockchain domain, cryptographic data, crypto markets, cryptocurrency addresses, DAO, decentralized autonomous organization, domain, domain name, ENS, ENS DAO, ENS DAO Constitution, ENS domain, ENS governance token, ethereum address, service ethereum names, july, machine readable name, markets, may, metrics, statistics

What do you think of the ENS project, which is approaching 2 million with 1.88 million registered today? Let us know your thoughts on this in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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