Thursday, October 5, 2023

ENS Reaches Critical Mass of Interest


Because of community awareness and low gas fees, the Ethereum Name Service is having its best month ever in terms of new registrations, account renewals, and revenue.

The latest ENS analytics on new domain registrations and renewals reveal that demand in the digital identification service has surpassed prior highs.

Breaking Previous Records

Nick Johnson is the lead developer at Ethereum Name Service (ENS). He tweeted the data for the Web3 domain service so far in May on May 23. He pointed out that figures were on track to break previous records because they were already at all-time highs, and May is still a week away.

The key reason for the increased interest in ENS domains, according to Jonson, is that it is a location where people can build shared communities. This is without the imposition of any overarching organization. The domain service has seen incredible benefits as a result of this.

The acceptance and awareness of ENS has reached a critical mass. The usability function is vital because most wallets support ENS names.

ENS is a 2017 open-source blockchain system that allows users to give their Ethereum (ETH) wallet a digital identity. Each name is a Non-fungible Token (NFT) with a .eth suffix. It can use as a website URL, a cryptographic hash, or an address.

According to Johnson’s data, 304,968 new registrations, 13,260 renewals, and 3,165.85 ETH in income have recorded so far in May. All of these figures outperform previous highs.

Low Gas Fees’ Impact

Low gas prices, according to Johnson, have a significant impact on greater onboarding and renewal rates. As of this writing, it costs about 22 GWEI to send a fast transaction on Ethereum. According to, it is worth $0.92. Gas surcharges can exceed $50 during periods of heavy volume. It could be a deterrent to utilizing the network until absolutely necessary.

For $5, users can register a five-character ENS name for a year. High petrol prices might increase the cost by several times. Finally, gas costs have a significant impact on the cost of ENS names.

Since April, there has been a rapid increase in interest in ENS domains. This was the time when social groups like ENS’s 10k Club drew a lot of attention. Owners of ENS domains with numbers ranging from 0-9999 founded the 10k Club. Since then, both new registrations and renewals have roughly doubled.

Sparkled Plans in ENS DAO

The ENS decentralized autonomous organization (DAO) has made preparations in response to record high profits and a market slump. This is done to save money for future development.

According to Johnson, the funds will use to fund development and maintenance. This will be in place indefinitely, which will aid the project in weathering any market volatility. Additional monies can spend more freely to assist build the ecosystem with that guarantee against market consequences.

However, ENS prices have not reflected the optimistic metrics. Since its introduction in November 2021, the coin has been steadily declining. A portion of the material airdropped to all.eth domain holders. According to CoinGecko, ENS has dropped 86 percent from its all-time high in November to $12.21.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

More from Crypto News Constellation

[tds_leads input_placeholder="Email address" btn_horiz_align="content-horiz-center" pp_checkbox="yes" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" msg_composer="success" display="column" gap="10" input_padd="eyJhbGwiOiIxNXB4IDEwcHgiLCJsYW5kc2NhcGUiOiIxMnB4IDhweCIsInBvcnRyYWl0IjoiMTBweCA2cHgifQ==" input_border="1" btn_text="I want in" btn_tdicon="tdc-font-tdmp tdc-font-tdmp-arrow-right" btn_icon_size="eyJhbGwiOiIxOSIsImxhbmRzY2FwZSI6IjE3IiwicG9ydHJhaXQiOiIxNSJ9" btn_icon_space="eyJhbGwiOiI1IiwicG9ydHJhaXQiOiIzIn0=" btn_radius="0" input_radius="0" f_msg_font_family="521" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_msg_font_weight="400" f_msg_font_line_height="1.4" f_input_font_family="521" f_input_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEzIiwicG9ydHJhaXQiOiIxMiJ9" f_input_font_line_height="1.2" f_btn_font_family="521" f_input_font_weight="500" f_btn_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_btn_font_line_height="1.2" f_btn_font_weight="600" f_pp_font_family="521" f_pp_font_size="eyJhbGwiOiIxMiIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_pp_font_line_height="1.2" pp_check_color="#000000" pp_check_color_a="#fdbf46" pp_check_color_a_h="#000000" f_btn_font_transform="uppercase" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGUiOnsibWFyZ2luLWJvdHRvbSI6IjMwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGVfbWF4X3dpZHRoIjoxMTQwLCJsYW5kc2NhcGVfbWluX3dpZHRoIjoxMDE5LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" msg_succ_radius="0" btn_bg="#fdbf46" btn_bg_h="#dd9933" title_space="eyJwb3J0cmFpdCI6IjEyIiwibGFuZHNjYXBlIjoiMTQiLCJhbGwiOiIwIn0=" msg_space="eyJsYW5kc2NhcGUiOiIwIDAgMTJweCJ9" btn_padd="eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTBweCJ9" msg_padd="eyJwb3J0cmFpdCI6IjZweCAxMHB4In0=" msg_err_radius="0" f_btn_font_spacing="1" title_text="Stay Up to Date"]


Related Crypto News

Ethereum Creator Opposes Transferrable Governance

Vitalik Buterin, the creator of Ethereum, has said that allowing DAOs to issue transferrable governance tokens is inconsistent...

Ethereum Is The Future, Bitgert Disagrees

Blockchains and decentralization can only succeed if Ethereum succeeds, according to Vitalik Buterin. Due to the large size of...

Ethereum Scaling Arbitrum Halts Odyssey NFT Campaign

Because the costs on the layer-2 solution were higher than on the Ethereum mainnet, Arbitrum had to halt...

Institutional Ethereum Staking Launched by Anchorage Digital

Cryptocurrency storage association Anchorage Digital reveals the launch of an Ethereum staking provider for institutions. This is capable...