Currently, over 1 million Web3 domain names have been created using a blockchain-based naming protocol called ENS (Ethereum Name Service).
Based on data tracked by leading crypto analysis platform Dune, more than 1.08 million ENS names have been constantly created, and ENS has so far generated $ 43.2 million in revenue over the last 2022. It is estimated.
According to Dune Analytics, 63,723 names were registered on May 2, 2022 alone, and 10,000 to 20,000 names were registered daily in the last 7 days.
Prior to the surge, the daily record for the new ENS registration on November 10, 2021 was 7,125.
Based on the data present in CoinMarketCap, the increase in registrations may have contributed to the soaring price of $ ENS tokens.
The price of $ ENS reached its three-month high on May 3, 2022, when it was $ 26.5. This is the tip of the surge that began on April 27, 2022, when the token price was $ 17.14.
Ethereum Name Service (ENS) is a decentralized, open and extensible naming system based on the Ethereum blockchain. ENS translates human-readable Ethereum addresses like john.eth into machine-readable alphanumerical codes known from wallets like Metamask.
The goal of Ethereum Name Services is to facilitate access to the Ethereum-based Web and human comprehension, just as Domain Name System (DNS) on the Internet facilitates access to the Internet.
Like DNS, ENS uses a system of dot-separated hierarchical names called domains, where the domain owner has full control over the subdomain.
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Recommended reading: You can now use your web domain name as a cryptocurrency wallet, says Ethereum Name Services (ENS).
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