Monday September 12, 2022 ▪ 1:00 pm ▪
4
min read – with
There are only a few days left before The Merge, Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). As you wait for D-Day, the Ethereum Name Service (ENS) is a huge success, enthusiasm for Ethereum domain names has never been stronger. Less than a month after reaching the symbolic bar of 2 million domain name registrations, we have crossed another threshold. In fact, more than 2.3 million domain names are now registered.
Unprecedented success of Ethereum Name Service (ENS)
In August, Ethereum Name Service admitted that the crossed symbolic milestone of 2 million registered domain names. Less than a month later, more than 300,000 new records were added. Such speed must attest to the success of the ENS while waiting for the Merger. According to this tweetmore included in the ENS at the time of writing this article than 2.3 million records.
Ethereum Name Service is currently experiencing unprecedented success. Especially when you know it took 5 long years to cross the 1 million mark. In less than 5 months, the bar of two million registered domain names was largely exceeded.
To protect this overload for ENS domains, Khori Whittakerexecutive director of Real Names Limited, think the web 3.0 community has a lot to do with it. During his interview with Decrypt, he did the following: “There is an extremely active and passionate ecosystem of ENS advocates, who are independently and organically building sub-communities and spreading awareness of the possibilities that ENS domains offer.” So we can expect increasing interest in ENS in the long term, at least until the date of the Merger. Since mid-July, registrations have started to flood the counters on the edge of the Ethereum transition calendar.
The speed of adoption of ETH domain names is creating a speculative movement
As with any new revolution, Ethereum domain names are not always unanimous. For many, they are a means of facilitating payments. For a minority, however, these names are speculative. Regardless of who is telling the truth, the numbers show that certain areas are exploding. These jump to excessive prices and create a speculative market at the same time. Which is quite understandable, considering that in just 2 months, the value of the land increased tenfold.
The way things are going, we could reach 10 million registrations by next year. It is too early to make predictions. Of course, we will be curious to see if it still inspires the same enthusiasm after The Merge.
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A doctoral student in financial law and an experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.
