Ethereum Name Service Hits 2 Million Addresses

Ethereum Name Service (ENS) domains skyrocketed in July as the project saw its biggest monthly revenue increase. The total number of registrations has surpassed two million.

According to the official announcement, Ethereum Name Service (ENS) has minted 2 million “.eth” addresses. This milestone comes just 3.5 months after hitting 1 million addresses.

According to data from Nansen, 92% of sales come from ENS Registrar Controller and 7.5% are sold on OpenSea. Many addresses were minted in February 2020, with some wallets minting over tens of thousands of addresses.

0108888.eth and devaney.eth minted 77,500 addresses on February 12, 2020. However, both wallets let their addresses expire because of the decline in holdings since February 2022.

At 0.0017 ETH per address (initial minting price), the total cost to mint 77,500 addresses is calculated as 131 ETH or $23,846 at ETH prices from February 2020. Looking at the Etherscan data for each wallet, it appears that none of these addresses have ever been sold.

Apart from the mass mints in early 2020, ENS addresses are widely distributed with over 500k unique addresses. Furthermore, over 60% of addresses have not moved in 90 days indicating that owners of premium addresses are HODLing or taking advantage of the utility of NFT by linking to the wallet address.

Approximately 70% of ENS address holders do not own any other NFTs. As a result, most ENS holders do not interact with the NFT marketplace. While tracked on platforms like OpenSea and LooksRare, ENS volume is not relevant to the NFT market.

According to data from Dune Analytics, more than 525,000 addresses participated. The graphs show 67,095 ENS registrations in February, but the numbers spiked to 85,272 the following month. The uptrend continued and April reached 162,978 registrations, of which May recorded a significant increase with 365,652 registrations – 124% higher than the previous month.

On the other hand, in June only 122,327 domain names were registered due to the unprecedented market turmoil. The figures were completely changed in July amid a rebound in market sentiment among investors. In fact, ENS registrations hit 378,804 that month.

The number of ENS registrations in July exceeded 378,000. This month also saw strong performance in terms of protocol revenue, growing above $6.8 million.

Nick Johnson, founder and lead developer of ENS, was excited about the milestone:

The Merge may play a part in the incremental activity. Another factor that may have driven the spike is the drop in gas fees for Ethereum transactions. Historically, whenever gas fees dropped, domain registration activity spiked.

The wide adoption can be demonstrated by the fact that prominent figures have added the .eth extension to their names on social media platforms.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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