Interest in Ethereum Name Service reaching ‘critical mass’
The Ethereum Name Service is having its best month on record for new registrations, account renewals, and revenue thanks to community awareness and low gas fees.
Lead developer at Ethereum Name Service (ENS) Nick Johnson tweeted on May 23 the metrics for the Web3 domain service through May so far. He noted numbers were poised to shatter existing records because they were already at all-time highs, “and there’s still a week of May left.”
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
Jonson told Cointelegraph on Monday that the main factor contributing to higher demand in ENS domains is that it is a place where people can “form shared communities without any overarching structure imposed on them beforehand.” This has had astounding results for the domain service.
ENS is an open-source blockchain protocol founded in 2017 that allows people to assign a digital identity to their Ethereum (ETH) wallet. Each name is a nonfungible token (NFT) that ends with .eth and can act as an address, a cryptographic hash, or a website URL.
The data shared by Johnson shows that there have been 304,968 new registrations, 13,260 renewals, and 3,165.85 ETH in revenue so far in May. All of these metrics leave previous highs in the dust.
Johnson also said that ”low gas fees definitely have an impact” on the higher onboarding and renewal rates. To send a fast transaction on Ethereum costs about 22 GWEI as of the time of writing, worth about $0.92 according to gasprice.io. In periods of high volume, gas fees can be higher than $50, which may act as a deterrent to using the network unless in emergencies.
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