Everyone wants their name on Ethereum – Ethereum Name Service (ENS) is a decentralized domain name project on Ethereum. In practice, this service makes it possible to link an Ethereum address to a domain name by .eth, human readable. For some time now, ENS has been experiencing unprecedented enthusiasm and breaking all records.
Ethereum Name Service: May at the top
Launched in 2017, ENS quickly became a go-to Ethereum service. This allows to link an Ethereum address in hexadecimal with a more understandable domain name like journalducoin.eth. In practice, each domain name is represented by an NFT.
Since the beginning of May, ENS has been breaking records. Thus, the number of domains created has exceeded the symbolic bar of 1 million.
The craze continued thanks to a new trend around 3 or 4 digit ENS, such as 555.eth. Indeed, the holders of ENS numbers have created a private club called “10k Club”.
This new trend has taken the price of single-digit ENS to new heights. So much so that some ENS were sold for several dozen ETH. This is for example the case of the ENS 555.eth which was sold for 55.5 ETH.
All metrics green for ENS
The enthusiasm was such that Nick Johnsonlead developer of ENS, recently stated that “May saw an all-time high for all of the ENS metrics we track.”
Thus, these are more than 300,000 ENS that have been registered since the beginning of May. This represents almost twice as much as the previous record, recorded in April with 160,000 new ENS.
Who says many registrations, says big profits for the protocol. Thus, the ENS protocol recorded revenue of over 3,100 ETH and $8.1 million.
According to Johnson, this enthusiasm was caused by the possibility of “forming shared communities without any primordial structure being imposed on them beforehand”. As was the case when the 10k Club was created.
Moreover, this enthusiasm has been amplified thanks to relatively low fees on Ethereum.
“You can register an ENS domain name longer than 5 characters for a year for $5 – high gas fees can multiply the cost. As a result, gas prices have a significant impact on the accessibility of ENS. »
For their part, another emblematic Ethereum collection is making waves: the Bored Ape. Following the chaotic launch of Otherdeeds, rumors of a migration of Yuga Labs projects to another blockchain are becoming more numerous.
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