Ethereum Name Service (ENS): Records burst!


On August 17, the Ethereum Name Service announced through a tweet, the crossing of the symbolic threshold of 2 million ENS addresses. Less than a month later, the bar of 2.3 million addresses has just been crossed. Should we necessarily see “The Merge” effect? Answers in this article!

The Merge: a real recording accelerator?

The tweet published on August 17 by Ethereum Name Service highlighted the fact that it took 5 years to reach the first million and only 3 and a half months to reach the threshold of 2 million addresses. In less than a month, 300,000 new addresses have just been created. That is, more or less, the same rhythm as observed during the summer. As a reminder, in July there was a recording of more than 378,000 “.eth” domains.. And it was precisely in July that a mid-September date was mentioned for the first time for the merger.

If the effect of “The Merger” is evident, just a few days before the merger of Proof of Work with Proof of Promise, the movement does not seem to be accelerating. Data from Dune Analytics also tells us that there are now 2,363,078 ENS addresses for 553,447 unique participants and 393,197 main names.

For his part, Khori Wittake, director at True Names Limited believes that the enthusiasm is partly connected to the web 3.0 community. During an interview, the leader emphasized the power of the ENS community:

There is a highly active and passionate ecosystem of ENS supporters, who independently and organically create sub-communities and spread awareness of the possibilities offered by ENS domains.

Speculation on ETH domain names?

For many, this craze creates a speculative dynamic around domain names. If the main purpose is to facilitate transactions on the blockchain, the craze is such that some domain names are exploding.

Good to know: As a reminder, ETH domain names provide a more readable address for transactions. However, this “simplification” is not a barrier to transaction security. In fact, the user must link his .eth address to his Metamask type wallet.

Last July, the domain name ENS 000.eth traded for $300,000. The craze is also huge on others like the domain name amazon.eth. If this one was offered a few months ago for 33 ETH, an anonymous wallet was offered last July the sum of one million USDC to redeem this domain name. Or almost 600 ETH at the current price of Ethereum.

Some estimates are for 10 million records by the end of next year. But others believe that interest in these domain names could flag the aftermath of The Merge. Answers to come next week!

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Ethereum Name Service (ENS): already 2.3 million records

Ethereum Name Service (ENS): already 2.3 million records