Ethereum Name Service Domains (ENS) Surpassed 1 Million Registrations

Ethereum Name Service Domains (ENS) Surpassed 1 Million Registrations

The Ethereum Name Service has passed a noteworthy milestone as it crossed one million registered domain names.

The ENS domain has simplified the representation of addresses like hashes, website URLs, and wallet addresses with a simple .eth handle. The statistics from Dune analytics back the statement.

A 1 million milestone for Ethereum Name Service Domains

Statistics from Dune analytics reveal that the number of ENS registered domains surpassed 1,060,123. Out of the total, 35,444 names were registered within the two days of May 2022. There has been a whopping number of 162,978 domain registrations in April alone.

The monthly renews of the number of ENS domains registered have also been steadily rising. In the month of January 6073, domain names were renewed, whereas, in March, there were a total of 9,270 names renewed, a steady rise of 40%. The ongoing ENS domain name spree is also predicted to skyrocket the .eth renewals.

What is the main reason for this sudden increase in the demand for ENS? The main reason seems to be the growing NFT realm and the ongoing madness over the past few weeks.

Major NFT investors have acquired domain names from the “10k club”. The major domain names from 1.eth to 9999.eth have also seemed to have sold out. However, one of the domain sales seems to stand out. Recently a Chinese collector bought the 555.eth domain. The purchase was made for 55.5 ETH, which is over $160,000. The acquisition is also considered to be one of the most expensive domain sales.

Meanwhile, the rising demand for ENS domain names has pushed up the price of ENS, the project’s governance token, which was given out to early adopters as an airdrop. The coin was trading at roughly $24.48 at the time of writing, signifying a 34 percent rise over last week’s price.

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