2 million ENS names created on Ethereum. Will the uptrend last?

Lavina Daryanani
Source: ens.domain

Ethereum Name Service created a new record today. The number of name and lookup service registrations surpassed the two million mark. Well, this is not another everyday number-centric feat. The most exciting part about the said achievement is how quickly the service has been able to grow over the past few months.

ENS took five years to get to one million registrations, while it just took three-and-a-half months to attain the two million mark. This is the beginning, and they’re “just getting started.”

The feat wasn’t achieved out of the blue, and last month’s performance has had a major say. Per data from Dune Analytics, the number of ENS registrations in July surpassed 378k, making it the month with the most registrations. Previously, in May also, a congruent figure was noted [365k], laying the founding stones for the said accomplishment.

Source: Dune Analytics

Also Read: 216% up; Is it the Ethereum Name Service season again?

Are people staying within the Ethereum Name Service Ecosystem?

Alongside the rise in the number of registrations, it is interesting to note that the number of renewals has also spiked up. From May 2021 until May 2022, the number of renewals merely depicted four-figure values. The narrative, however, changed three-and-a-half months back.

Per data from Dune Analytics, around 16.6k ENS domain names were renewed in May 2022. And in July, the number spiked up to 25.8k.

Source: Dune Analytics

Also Read: Ethereum Name Service completes 5 years; Has its hype fizzled out already?

The monthly revenue earned by the name service provider has been on the rise. Last month alone, ENS earned $5.7 million via registrations. Renewals fetched another $1.1 million, bringing the cumulative figure to $6.8 million.

Looking at the afore-highlighted numbers and the feats achieved, it seems like Ethereum Name Service has started gaining relevance again. In fact, per people from the space, the pro of having “short addresses” is one of the most fundamental reasons why we ‘need’ ENS.

Also Read: A complete Guide to Coinbase x Ethereum Name Service usernames