- Name Creation Doubles In Four Months to 2 Million.
- The domain names may be bought and traded on NFT exchanges.
- Statistics show that 122,327 names were registered in June.
As the project experienced the biggest monthly income increase in July, the number of Ethereum Name Service (ENS) domains soared. The astounding two million registration mark has now been broken. The Ethereum Name Service also referred to as ENS, describes itself as a web3-compatible, decentralized protocol that connects intricate, artificially created alphanumeric strings to human-friendly names.
The Ethereum blockchain powers the not-for-profit naming system, where ENS domain names are protected by smart contracts. Additionally, these domain names are non-fungible tokens as well and may be bought and traded on NFT exchanges like OpenSea. Due to an increase in registrations over the past few months, the number of ENS names is getting close to two million this week. According to data from Dune Analytics, the number of ENS registrations increased to 85,272 in March from 67,095 in February.
A notable increase occurred in May, with 365,652 registrations, or 328% more than the previous month. Statistics show that 122,327 names were registered in June, a much lower number of ENS registrations than the average month. The 31 days of July, however, saw 378,804 ENS registrations, which was a completely different tale.
Khori Whittaker, executive director of True Names Limited, the business behind ENS Domains, told Decrypt that the spike in registration was the consequence of organic development in the community after ENS Domains crossed 1.8 million earlier this month.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.