Ethereum Name Service Domains Surpass 1 Million Registered Names

Ethereum Name Service Domains Surpass 1 Million Registered Names

Ethereum Name Service, or ENS, surpassed a million created names this week, according to statistics from the crypto metrics dashboard Dune Analytics. Data shows that there’s been a significant spike in ENS names registered during the last 30 days, and 24-hour statistics indicate ENS has been a top burner in terms of protocols burning the most ethereum.

Over a Million ENS Domain Names Registered — ENS Burns $3.6 Million in Ether

The number of registered ENS names created has surpassed 1 million total. Metrics indicate that the number of Ethereum-based domain names created in April saw a significant spike. 162,978 names were created in April, while only 85,272 were registered in March. Moreover, during the last few days in May, 71,563 ENS names were registered, which means there’s been significant ENS usage during the past month.

Blockchain-based domain names have many advantages and one of the biggest benefits is the fact that the easy-to-read name can be used as a crypto address. So instead of having to use a long alphanumeric ETH address, a user can use a human-readable ENS name instead like “bob.eth.” Because an ENS name can be a human-readable ETH address and a domain name at the same time, the ENS protocol leverages two smart contracts.

This week, Dune Analytics metrics indicate that there are seven ENS name whales with over 1,000 names owned each. The ENS domain hires.eth has 1,514 and is the top ENS whale today, while nja.eth holds 1,444 names. The other ENS whales include goodnames.eth (1,168), misterens.eth (1,106), metax.eth (1,089), ensinvestor.eth (1,080), and ags.eth (1,045).

While there’s been 1,063,982 names created using ENS, there are 917,685 .eth names and 141,443 subdomains. The one million ENS names are split up between 393,894 unique ethereum addresses. While ENS also runs the blockchain-based domain service, the project further has a native token called ENS. ENS users, prior to a specific date, were airdropped ENS tokens and the coin is used for the project’s governance system.

Since ENS has seen significant demand in recent times, the web portal ultrasound.money indicates that ENS is the top ethereum burner during the last 24 hours. 1,270 ether was burned by ENS transactions being processed, which equates to $3.6 million worth of ETH at the time of writing. Two-week crypto market metrics further show the project’s native token ENS is up 80% against the U.S. dollar.

What do you think about ENS domain names surpassing the 1 million mark? Let us know what you think about this subject in the comments section below.

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