Activity on the Ethereum Name Service exceeded the all-time high

The number of new registrations since the beginning of May has exceeded 304 000

23.05.2022 - 10:20

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What’s new? Interest in the Ethereum Name Service (ENS), a domain name service, has reached record levels. This is demonstrated by the latest data on new registrations and renewals of existing domains, Cointelegraph reports.

News on the Cointelegraph website

What metrics have been recorded? ENS lead developer Nick Johnson has released the service’s statistics for May. He noted that in less than a month the metrics have already reached the all-time high for all tracked metrics — registrations, renewals, revenue, and income in ETH and USD.

May is now an All Time High for every single ENS metric we track - registrations, renewals, revenue (ETH & USD) and income (ETH & USD).And there's still a week of May left.🤯 pic.twitter.com/u0tTcVPr3f— nick.eth (@nicksdjohnson) May 22, 2022

According to statistics, the service recorded 304 968 new registrations, 13 260 renewals, and revenue of 3165,85 ETH ($6,5 million at the Binance rate on May 23) in May. According to the developer, the main factor behind the increased demand was the fact that people can form communities on the service without any overarching structure imposed on them in advance.

What is known about ENS? It is an open-source blockchain protocol developed in 2017. It allows users to assign a digital identifier to their wallets. Each domain name in the service is a non-fungible token that ends in .eth and can act as an address, a cryptographic hash, or a website URL.

What events happened before? On May 20, Ethereum co-founder Vitalik Buterin said that the blockchain’s merge from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS) would take place in August 2022. Buterin told about this at the blockchain summit in Shanghai. The developer added that if there are risks, the Ethereum 2.0 release could be pushed back to September or October of the same year.

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