According to data from Dune Analytics, July has been the best month for Ethereum Name Service (ENS) domain names.
Decentralized domain names on Ethereum allow domain owners to identify their cryptocurrency addresses, websites, and more using names that are perfectly human-readable. This way, instead of having to use a public Ethereum address, which can be a bit complex for many due to its alphanumeric character format, users can use a human-readable name to identify said address.
This is what the Ethereum Domain Name Protocol allows for, Ethereum Name Service (ENS).
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ENS makes it easy for users to assign a simple name to easily identify ETH and other cryptocurrency addresses, as well as decentralized websites, traditional domains, and more.
Due to the utility offered by this protocol, ENS has quickly become the most widely used blockchain naming standard in the crypto industry. Its adoption has also been accelerating as more users and organizations move towards Web3.
More than 370.000 domain names registered on ENS in July
Ethereum Name Service is becoming a fundamental part of building the next generation of the Internet, as evidenced by its latest statistics.
According to data from Dune Analytics, last July the number of new ENS domains reached 378.804 new “.eth” registrations, bringing the total number of decentralized domain names created on Ethereum to 1,86 million at the moment. This monthly value is the highest seen in the entire history of the protocol.
The second best month for ENS domain names was May, with 365.652 new “.eth” registrations created.
Today, from users and important figures of cryptocurrencies, such as Vitalik Buterin, to artists, companies and organizations, such as Shaquille O'Neal, Anthony Hopkins and Paris Hilton, are adopting ENS domain names to identify their addresses on the blockchain or control their sovereign identity, which has increased the demand for these domains.
“000.eth” and “paradigm.eth”, the most expensive names on ENS
Decentralized domain names such as “000.eth” and “paradigm.eth” have sold for over 300 ETH, marking the most expensive sales for such domains. Others, such as “amazon.eth”, have received substantial offers from interested parties, only to be rejected by their owners in light of the prospects of further growth.
According to NFT marketplace Opensea, ENS has transacted a sales volume of over 49.400 ETH (about $84,1 million) with its decentralized domain names. Currently, there are 476.300 ENS owners according to the NFT marketplace.
Support for NFT avatars
In light of the rise of non-fungible tokens, last year ENS developers announced the integration of NFTs into decentralized domain names. This way, they allow their users to configure an NFT avatar, such as CryptoPunks, on their ENS profile.
ENS developers have been implementing new improvements and functionalities to the protocol to make it easier for people to access the world of cryptocurrencies and Web3, in order to make it more usable and functional for everyone.
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