ENS Achieves 100,000 New Registrations In One Week

2 mins read

Listen to this article:

ENS Achieves 100,000 New Registrations In One Week

By Allen Taylor

Earlier this month, Ethereum Name Service (ENS) saw its second largest domain name sale in history. The name service saw an increase of newly registered domain names to the tune of 100,000 in one week. This increase can be attributed to the decreasing gas fees on the blockchain.

Between July 2, 2022 and July 3, 2022, the domain name service saw a 200 percent increase in new registrations, rising from 11,042 to 29,727.

The second largest domain name sale happened on that day increasing the service’s revenue by $315,000. The domain name 000.eth sold for 300 ETH.

Monthly registrations were their highest in May this year, according to a Google Analytics dashboard created by New Zealand ENS developer Nick Johnson. ENS’s May revenue totaled 3899.7 ETH. The company raised 2500 ETH in domain name sales in June.

ENS domain names were introduced in May 2017.

 

What’s the Big Deal About ENS Domain Names?

ENS domain names are minted on the Ethereum blockchain as non-fungible tokens (NFTs). Owners of the domain names can use them to receive payments by connecting their domain names to their Ethereum crypto wallets. They can also build a decentralized website on their domain names, which are accessible to anyone using a Web3 crypto wallet such as MetaMask. Since the domain names are NFTs, they can be traded on NFT platforms like OpenSea.

Since Ethereum Name Service launched its service five years ago, other decentralized domain name services have popped up to compete. Two of the most prominent are Decentraland Names and Unstoppable Domains.

More than 99 percent of the domain name trading volume on OpenSea is from ENS. There are 1.4 million registered ENS domain names.

 

Comparison: ENS and Unstoppable Domains

There are several key differences between the two leading NFT domain name services—ENS and Unstoppable Domains. For starters, ENS is operated by a decentralized autonomous organization (DAO) while Unstoppable Domains is registered as a corporation. ENS allows anyone with a token to submit proposals and vote on submitted proposals, participating in the governance process. Unstoppable Domains has a leadership team, a hierarchy consisting of a CEO, CTO, and VP of Finance.

ENS, like the traditional domain name system (DNS), translates browser website requests into IP addresses allowing humans to see the website in their browser. However, unlike DNS, ENS chooses which server is accessed to show that website. That’s because ENS is based on smart contracts and distributed computing power. All domains are on the Ethereum blockchain.

With Unstoppable domains, domain name owners can mint their domains on Ethereum, Polygon, or Zilliqa. 

Domain names purchased through ENS must be renewed annually, like traditional domain names. Domain names on Unstoppable Domains are purchased once and owned by the buyer until that buyer decides to sell it. 

Both ENS and Unstoppable Domains are preparing internet users for the day when Web3 will be the dominant iteration of the Web and when most of those users will have their very own domain name and crypto wallet, able to trade various cryptocurrencies between them with no intermediary.

 

You may also like

Recent Articles