ENS domain registrations have exploded, with the total number of names created approaching 2 million

The number of Ethereum Name Service (ENS) domains is approaching two million, as 1,888,209 ENS names have been registered on the Ethereum blockchain. The project recently reported that July saw the largest monthly increase in revenue, with 5,400 ethers worth about $2.48 million during the month.

ENS registrations exploded last month with 378,000 names etched into the Ethereum blockchain

ENS registrations are approaching the two million name mark this week, with registrations steadily increasing over the past few months. Data from Dune Analytics shows that after 67,095 ENS registrations in February, the following month the number of ENS registrations jumped to 85,272.

May saw a significant spike with 365,652 enrollments, 328% higher than the previous month. June saw a much lower number of ENS registrations, with statistics showing 122,327 names registered that month. July, on the other hand, was a different story as 378,804 ENS registrations were recorded over the 31 days.

July 2022 stats for ENS

– 378K new .eth registrations (total 1.86m names)
– $6.8m in protocol revenue (all goes to the DAO)
– 5,400 ETH in revenue (highest ever month)
– 48K new eth accounts w/ at least 1 ENS name (total 508k)
– 99% of OpenSea domain vol pic.twitter.com/TdD16FOX2d

– ens.eth (@ensdomains) August 1, 2022

On the first of the month, 1.86 million names were registered on the Ethereum blockchain and today, 1,888,209 ENS names are engraved on the chain. The official Twitter account of the ENS tweeted about the July milestones and noted that the project saw $6.8 million in protocol revenue, all of which will be directed to the project’s DAO.

The protocol saw 5,400 ETHs in revenue on month “the highest” ever recorded, according to the official Twitter account. ENS domain names are similar to the Domain Name Service (DNS) on the Internet, but the project’s architecture adds an extensible naming system built atop the Ethereum blockchain. Like DNS, the Ethereum Name Service uses hierarchical names separated by dots (domains) and owners can also operate subdomains.

ENS names can also serve as Ethereum and other crypto-currency addresses, but instead of a long alphanumeric string, it can be a machine-readable name like bob.eth. There are other blockchain projects that leverage name services on alternative strings, such as Bonfida’s chain. Solana Name Service and Terra once had a popular name service platform called TNS before the Terra blockchain project imploded.

The ENS governance token has dropped 80% since the coin’s highest price, the project prints 50 limited edition copies of the ENS DAO constitution.

ENS also has a decentralized autonomous organization (DAO) for governance decisions and a native ecosystem token that currently trades at $16.24 each. The Ethereum Name Service (ENS) cryptographic token has an outstanding supply of approximately 25.78 million ENS coins. ENS is ranked 114 among more than 13,000 existing crypto assets and has a market capitalization of about $418.30 million.

While ENS has gained 9% in the past 24 hours, the crypto asset is down 80% since the token’s record price nine months ago on November 11, 2021. At that time, ENS was trading for $83.40 per unit, and on June 14, 2022, ENS hit its all-time low at $7.45 per coin.

Statistics provided by Intotheblock.com show that the concentration of large holders of ENS tokens is 86% compared to bitcoin’s 10% concentration of large holders. In the last seven days, $41.60 million worth of ENS transactions over $100,000 were recorded on the Ethereum blockchain. Data from cryptocompare.com shows that the largest exchange pair with ENS is tether, with stablecoin accounting for 79% of ENS transactions on August 3.

USDT is followed by BUSD with 7.94%, USD with 5.09%, USDC with 2.37%, TRY with 1.90%, and BTC capturing 1.54% of all ENS swaps. While the ENS saw a significant spike in sign-ups in May, the peak recorded in July saw significantly lower sign-up fees, with Ethereum’s average and median data fees being the lowest in months.

ENS has just released its DAO constitution with its 48,823 signatories, which is available for free in digital form, and the project has printed a set of 50 limited edition boxed copies.