Ethereum Name Service registrations surge by 200% amid lower gas fees

Ethereum

Ethereum domains showed an increase in demand as Ethereum Name Service (ENS) registration totaled 126,141 registrations in just one week. 

The ENS Dashboard, a data tracker created by developer Nick Johnson, showed that registrations went from 11,042 to 29,727, showing an increase of over 200% over the weekend. This happened amid the second-largest .eth domain sale when “000.eth” was bought on Sunday at 300 Ether (ETH), which is worth around $320,000 at the time of sale.

Because of the purchase, ENS’s daily revenue jumped up to $684,174 when the sale was completed. Following this, the registrations for .eth domains peaked at 34,357 on Monday as hype over the sale reached its climax. This pushed ENS to the top of the 7-day nonfungible token (NFT) collection sales chart at information tracker Dapp Radar.

Social media activity surrounding ENS has also reached new highs. According to crypto social tracking platform Lunar Crush, engagements with the keyword increased by 108.4% within seven days.

The surge in demand for ENS domains also happened as Ethereum’s average gas fees fell to $1.57, a number that was only seen back in 2020.

Related: The concept and future of decentralized Web3 domain names

On July 1, the Gray Glacier hard fork that delays the difficulty bomb on Ethereum went live last Thursday. According to Ethereum Foundation’s Tim Beiko, the fork was a success, and all nodes were in sync. Following this, the Sepolia testnet will also be undergoing a merge trial in the coming days as the Ethereum network prepares to move to a proof-of-stake consensus.

On the same day as the fork, Ether’s price fell by 5%, putting 1 ETH at $1,044. This follows a four-day losing streak for the asset as Ether-focused investment products showed almost $140 million in outflows in the month of June.

Articles You May Like

Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report
Crypto lending platform Hodlnaut suspends services due to liquidity crisis
Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Attorney Jeremy Hogan on the Ripple v. SEC APPEAL! There’s Good News and Bad News! We Give You Both.
Korea Blockchain Week, Aug. 8: First-day takeaways from the Cointelegraph team

Leave a Reply

Your email address will not be published.