- ENS is an open, dispersed, and extensible Ethereum-based naming system.
- Ethereum Naming System saw its third highest revenue in August.
- ETH was trading at the market value of 1,555 USD.
High Times For Ethereum Name Service
Ethereum Name Service (ENS) witnessed its 3rd biggest revenue in August, with 2.17 Million unique domains marking their presence on the service. In a Twitter post declaring the latest achievement, ENS Domains stated that it generated 2,744 Ethereum (nearly 4.3 Million USD at the time) in revenue and 34,000 new Ethereum accounts utilizing at least 1 ENS name during August. The organization also claims that it produced over 99% of domain sales on the biggest NFT marketplace, OpenSea.
ENS or the Ethereum Name Service handles the issuance and (dot)eth domain names developed on the Ethereum blockchain. Users can connect the ENS domains to the digital asset wallets, this means that rather than offering a long Ethereum address to a sender, they can give their (dot)eth names to receive transactions.
ENS domains can be treated as non-fungible tokens, cryptographically distinct assets linked to actual and virtual content, representing the holder’s ownership. Registration numbers of ENS domain names have escalated in numbers. In July, ENS Domains’ ownership crossed 1.8 Million users, with 378,000 (dot)eth registrations.
While the organization has downplayed the part of the most anticipated upgrade on the Ethereum blockchain, The Merge, the plunge in ETH addresses during the previous month will the leading blockchain for decentralized applications, NFTs, and DAOs, from proof of work mechanism to the energy-efficient proof of stake mechanism.
The Merge is expected to happen during mid-September, and the crypto community is really excited about the event. In case of head-on collision giving birth to a rising mountain, Ethereum Name Service rival Unstoppable Domains attained “unicorn” status when surpassed 1 Billion Dollars USD in valuation after piling up another 65 Million USD during a Serie A funding round in July.
The main motive of The Merge is to reduce the environmental effects of the blockchain by shifting its consensus algorithm from PoW to PoS.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.