Ethereum Name Service (ENS): Success thanks to Merge?

Ethereum Name Service (ENS): Success thanks to Merge?

Friday 02 September 2022 ▪ 6:00 pm ▪

min read – with

We are just a few days away from the Ethereum Merger, or more precisely migrating to Proof-of-Stake (PoS). As the date is already set for September 15, the crypto community seems to be a rocket of different opinions. The reason why the Ethereum Name Service is currently showing a positive temporary balance.

Ethereum Name Service boosted by Merge

Some consequences are expected from the Ethereum merger, such as the rise in the price of ether (ETH) or the price of Ethereum Classic (ETC). In this way since the hard fork of 2016, analysts had predicted the bar of 32.50 dollars during the 3rd week of July. At the time of writing, CoinGecko is showing ETC trading at $32.57 per coin. All he has left is to go up to 40 dollars for the benefit of the many.

At the same time, the Ethereum Name Service is also doing very well. Early this morning, ENS Domains announced that 2,744 ETH in revenue and 34,000 new ENS accounts were added to their books during August. In addition, the number of domain sales on OpenSea has increased by +99%.

Here is a detailed stat about ENS:

  • 301,000 new .eth registrations, or a total of 2.17 million ENS names;
  • $4.7 million in protocol revenue to be sent to ENS DAO;
  • 2,744 ETH in revenue;
  • 34,000 new ETH accounts associated with at least 1 ENS name, bringing the total to 540,000 accounts;
  • a 99% increase in the number of domain sales on the OpenSea market;
  • etc

A little reminder about Ethereum Name Service

In fact, ENS takes care of managing the issuance and renewal of .eth domain names built on the Ethereum blockchain. Thanks to this standard of addresses, there is no need for illegible and difficult to remember characters to access any site. Similarly, for transactions, the Ethereum Name Service allows users to enter addresses that are easier to write down and remember.

Also note that ENS domains can be sold as NFT. And the increase in the number of registrations on the identical domains proves that everything is good for the Ethereum Name Service.

Didn’t Decrypt mention duplication of Ethereum names in mid-August? At that time, ENS Domains claimed to have identified ” 2 million ENS names created “.

It took 5 years to get 1 million names, then 3.5 months to get 2 million names, and we’re just getting started “, he said.

We must recognize that the Ethereum Merge can cause panic among investors. The future of their ETH holdings looks bleak. But its impact on the blockchain and all the projects orbiting around it is enough to revive hope for a better future. Both for the ecosystem and for cryptocurrencies in general.

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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.

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