The number of Ethereum Name Service (ENS) domains is approaching two million as 1,888,209 ENS names have been etched into the Ethereum blockchain to date. The project recently detailed that July saw the largest monthly revenue increase scoring 5,400 ether worth approximately $ 2.48 million over the course of the month.
ENS registrations increased last month with 378,000 names etched into the Ethereum blockchain
ENS names are approaching two million this week as registrations have steadily increased over the few months. Data from Dune Analytics indicates that after 67,095 ENS registrations in February, the number rose to 85,272 ENS registrations the following month.
May saw a significant peak reaching 365,652 registrations or 328% higher than the previous month. The month of June saw a much lower count of ENS registrations as statistics show that 122,327 names were registered that month. July, however, was a completely different story as 378,804 ENS registrations were recorded during 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 engraved in the chain. The official Twitter account of the ENS tweeted on the July milestones and noted that the project recorded $ 6.8 million in protocol revenue which will all go to the project’s DAO.
The protocol recorded a turnover of 5,400 ETH, 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 architecture adds an extensible naming system based on the Ethereum blockchain. Like DNS, Ethereum Name Service uses dot-separated hierarchical names (domains), and owners can take advantage of subdomains as well.
ENS names can also act as 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 run name services on alternative chains such as Bonfida’s Solana Name Service and Terra once had a popular name service platform called TNS before Terra’s blockchain project imploded.
ENS governance token dropped 80% from high coin price, project prints 50 copies in limited edition custody 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 cryptocurrencies and has a market capitalization of approximately $ 418.30 million.
While ENS gained 9% in the past 24 hours, the crypto asset fell 80% from the all-time high price of the token nine months ago, on November 11, 2021. At that time, ENS traded hands for $ 83. , 40 per unit and June On 14, 2022, ENS hit an all-time low at $ 7.45 per coin.
Statistics provided by Intotheblock.com show that the concentration of large ENS token holders is 86% compared to the 10% concentration of bitcoin (BTC) of large holders. In the past seven days, there have been $ 41.60 million of ENS transactions over $ 100,000 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’s trades on August 3rd.
USDT is followed by BUSD with 7.94%, USD with 5.09%, USDC with 2.37%, TRY with 1.90% and BTC which captures 1.54% of all swaps ENS. While ENS recorded a significant increase in ENS registrations in May, the peak recorded in July saw significantly lower registration rates as Ethereum’s average and medium-sized data rates were the lowest in recent months.
ENS has just published its DAO constitution with its 48,823 signatories, available digitally for free, and the project has printed a series of 50 copies in a limited edition box set.
What do you think of the ENS project which is close to 2 million with 1.88 million registered today? Let us know your thoughts on this topic in the comment section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,