More than one million Web3 domain names have now been created using the blockchain-based naming protocol known as ENS (Ethereum Name Service).
Based on data tracked by the leading crypto analytics platform, Dune, more than 1.08M ENS names have been created all-time with ENS estimated to have generated $43.2M in revenue during just this 2022 so far.
A record 63,723 names were registered on May 2, 2022 alone, and10,000 to 20,000 were registered daily over the past seven days according to Dune Analytics.
Prior to the surge, the daily record for new ENS registrations was 7,125 on Nov. 10, 2021.
The rally in registrations may have contributed to a surge in the price of the $ENS token, based on data present on CoinMarketCap.
The price of $ENS hit a 3-month high on May 3, 2022 when it stood at $26.5, the tip of a surge that began on April 27, 2022 when the token price was $17.14
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask.
The goal of Ethereum Name Service is to make the Ethereum-based web easier to access and comprehend for humans – similar to how the Internet’s Domain Name Service (DNS) makes the internet more accessible.
Like DNS, ENS also uses a system of dot-separated hierarchical names called domains with domain owners fully controlling their sub-domains.
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RECOMMENDED READING: You Can Now Use Your Web Domain Name as a Crypto Wallet, Says Ethereum Name Service (ENS)
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