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- The Ethereum Name Service Domain registration touched 378,000 bar
- ENS generated about 5,400 ETH in revenue
In July only, the Ethereum Name Service domain got registered with 378,000 new clients and crossed a bar of 1.8 million names.
The registrations excited suddenly because the Ethereum community is preparing itself for the forthcoming merge in August. It will help shift the blockchain for DAOs, NFTs, and dapps from the proof-of-work mechanism to the proof-of-stake mechanism.
The ens. eth tweeter account announced that the ENS has generated about 5,400 ETH in revenue, which is the highest ever month, and there are 48,000 new Ethereum accounts that are using at least one ENS name. It also generated $6.8 million in protocol revenue.
It is expected from merge to play a vital role in the increased activity. Many people, including Khori Whittaker, the Executive director of True Names Limited, believe that the growth is organic.
Whittaker commented:
“ People are fond of quality projects and quality protocol with keeping energy and there are a lot of attractive and interesting projects in Web3, and the Ethereum Name Service is one of them and popularly known.”
The Ethereum Name Service is responsible for managing the issuance and renewal of .eth domain names, which are built on Ethereum. The domain can also be sold in the form of non-fungible tokens and financial security, which consists of digital data which is stored in a blockchain.
These domains can also be connected to the cryptocurrency wallet of a user. Users can use the .eth domain name rather than using a long Ethereum address for any transaction.
Apart from Ethereum, many companies are providing their domain names such as .bitcoin, .sol, .zil and many more.
Anthony Hopkins, a well-known actor, has recently added a .eth domain on his official Twitter account. He has also asked some famous Web3 celebrities like Snoop Dogg, Jimmy Fallon and Reese Witherspoon for suggestions on which NFT he should give the top priority.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
