With 1,88,209 ENS-named domains etched into Ethereum Blockchain to date, it is now close to the two million mark. According to the project, July was the most profitable month for revenue with 5,400 Ethereum netting approximately $2.48 Million in the span of the month.
ENS Registrations with 378K names etched into the Ethereum Blockchain Spiked Last month
As registrations continue to rise over the past few months, ENS names will soon cross the two-million mark. Dune Analytics data shows that, after February’s 67,095 registrations, registrations for March jumped to the next month, with 85,272 registrations.
The May spike was significant, with 365.652 registered names (32% more than in the previous month). Statistics indicate that 122 327 names were registered for ENS in June, which was a significantly lower number than the month before. The 31 days of July were a different story, with 378,804 ENS Registrations.
The first day of each month saw 1.86 Million names recorded on Ethereum Blockchain. Today 1,888,209 ENS name have been etched into this 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. Ethereum Name Service, like DNS, uses dot-separated hierarchical domain names (domains), and can be used by owners to leverage subdomains.
ENS can act as an Ethereum address or other cryptocurrency address. But instead of a lengthy string of alphanumeric character, it can be a machine readable name such as 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 Governance Token Is Down 80% Since the Coin’s Price High, Project Prints 50 Limited Edition Slipcased Copies of the ENS DAO Constitution
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. There is a 25.78mil circulating supply for the crypto token ethereum named service (ENS). ENS has a market value of $418.30 million and is ranked 114 in the more than 13,000 existing crypto assets.
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. ENS traded hands at that point for $83.40 per unit. On June 14, 2022, ENS reached an all-time low of $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. Over the seven-day period, there was $41.60 million in ENS transactions worth more than $100K that were recorded on Ethereum blockchain. Cryptocompare.com data shows that USDT (tether) is the most popular trading pair using ENS. The stablecoin controls 79% of ENS trades as of August 3.
BUSD follows USDT with 7.94%; USDC is at 2.07% and USDC has 2.37%. TRY captures 1.90% 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 published the DAO constitution along with its 48.823 signers. It is free to download digitally and the project also printed 50 slipcased limited edition copies.
How do you feel about the ENS Project reaching the 2,000,000 mark? 1.88 Million registered users are available today. We would love to hear your opinions on the subject below in comments.
Images CreditsShutterstock. Pixabay. Wiki Commons. Dune Analytics.
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.