According to ENS Domains, the number of Ethereum name service domain owners has surpassed 1.8 million, with 378,000 new .eth registrations in July alone.
The surge in registrations comes as the Ethereum community prepares for a merge next month. This will switch top blockchains for dapps, DAOs, and NFTs from proof-of-work consensus algorithms to proof-of-stake.
In a tweet announcing a record number of registrations, ENS Domains reported revenue of 5,400 ETH (approximately $8.8 million) and 48,000 new Ethereum accounts using at least one ENS name, plus domain sales on OpenSea last month. Said he saw over 99% of .
ENS July 2022 Stats
– 378K new .eth registrations (1.86 million total names)
– $6.8 million in protocol revenue (all going to DAO)
– Earnings of 5,400 ETH (highest ever)
– 48,000 new eth accounts with at least one ENS name (508,000 total)
– >99% of OpenSea domain volume pic.twitter.com/TdD16FOX2d
— ens.eth (@ensdomains) August 1, 2022
The merger may have played a role in the increase in activity, but Khori Whittaker, executive director of True Names Limited, the company behind ENS Domains, believes the surge is more organic.
“There is a very active and passionate ecosystem of ENS advocates who have independently and organically created sub-communities to spread the word about what is possible in the ENS domain,” Whittaker said. Told. Decryption on mail.
Whittaker said “999 club”, “10k club”, “TLC” club and “999 club”, “10k club”, “TLC” club and “100k club” etc.
Another factor that has spurred the surge, according to Whittaker, is the drop in gas prices for Ethereum transactions. “We noticed a spike in domain registration activity when gas prices fell,” he said.
According to Whittaker, non-English-speaking communities, such as Arabic- and Spanish-speaking communities, are also starting to populate the ENS ecosystem.
The Ethereum Name Service, or ENS, manages the issuance and renewal of .eth domain names built on Ethereum. These domains are sold as non-fungible tokens, known as NFTs, cryptographically unique tokens linked to digital (and sometimes physical) content to provide proof of ownership.
ENS domains can also be linked to your own cryptocurrency wallet. Instead of proving the sender with her long Ethereum address, users can specify their .eth domain name to receive transactions.
Other providers of crypto-related domain names have also entered the market, offering .sol (Solana), .bitcoin, and .zil (Zilliqa) domains, among others. These domain types are also a common way to indicate “belonging” to Web3.
In June, legendary actor Anthony Hopkins added a .eth domain to his name on his official Twitter account, giving fellow Web3 celebs Snoop Dogg, Jimmy Fallon, and Reese Witherspoon the NFT Hopkins first. I asked for recommendations on what to buy.
“People are looking for sustainable, quality projects and quality protocols,” Whittaker says. “Web3 has many interesting and fun projects, and the Ethereum name service is certainly one of the most prominent, but he is one.”