ENS Domains Surpassed Over 2.2 Million New Registrations In 2022

Key Points:

• Over 2.2 million ENS domains were registered in 2022. This number marks strong growth over the past year.
• There were around 437,000 new .eth registrations in September 2022, setting a new monthly record. The increase in subscribers peaked prior to an update to The Merge.
• After Ethereum Merge took place, the number of monthly registrations decreased dramatically and decreased.

In early 2023, the number of Ethereum Name Service (ENS) domains recorded a new number, showing a positive sign of an increase in the number of users in a year.

The number of Ethereum domain names surges to 2.2 million marking a year of explosive growth.

Key ENS measures, such as registrations, renewals, and revenue, were at an all-time high, according to Nick Johnson, the project’s developer, in May 2022.

NFTs, website addresses, and cryptographic hashes are all possible uses for ENS domain names. Their use as website addresses is comparable to the way so-Web 2 addresses took the role of cumbersome Internet Protocol Addresses for called access to online resources. The recipient’s ENS address can be used to transmit money instead of the sender’s crypto wallet address.

ENS domain names must be created as NFTs on the Ethereum blockchain and finish in “.eth.” They can be traded on auxiliary NFT markets. You need a crypto-native browser, such as Brave, to access.eth domains.

With approximately 500,000 distinct addresses, ENS addresses are widely dispersed, aside from the mass mints in early 2020. Additionally, more than 60% of addresses have not changed in three months, showing that owners of premium addresses are either HODLing or using NFT to their advantage by connecting to the wallet address.

According to data from Dune Analytics, there were around 437,000 new .eth registrations in September 2022, setting a new monthly record. Coincidentally, the increase in subscribers peaked prior to an update to The Merge.

However, after Ethereum Merge took place, the number of monthly registrations decreased sharply and gradually decreased. It is possible that investor expectations will not be the same as before the important Ethereum update took place.

The above figures show that 2023 will still be challenging for many projects, not only ENS domains but also the market.

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

Coincu News