A couple of million Web3 domains have now been created utilizing the blockchain-based naming protocol referred to as ENS (Ethereum Title Service).
Based mostly on knowledge tracked by the main crypto analytics platform, Dune, more than 1.08M ENS names have been created all-time with ENS estimated to have generated $43.2M in revenue throughout simply this 2022 thus far.
A document 63,723 names had been registered on Could 2, 2022 alone, and10,000 to twenty,000 had been registered every day over the previous seven days in accordance with Dune Analytics.
Previous to the surge, the every day document for brand new ENS registrations was 7,125 on Nov. 10, 2021.
The rally in registrations might have contributed to a surge within the value of the $ENS token, based mostly on knowledge current on CoinMarketCap.
The value of $ENS hit a 3-month excessive on Could 3, 2022 when it stood at $26.5, the tip of a surge that started on April 27, 2022 when the token value was $17.14
Ethereum Title Service (ENS) is a distributed, open, and extensible naming system based mostly on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you already know from wallets like Metamask.
The objective of Ethereum Title Service is to make the Ethereum-based internet simpler to entry and comprehend for people – much like how the Web’s Area Title Service (DNS) makes the web extra accessible.
Like DNS, ENS additionally makes use of a system of dot-separated hierarchical names referred to as domains with area house owners totally controlling their sub-domains.
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RECOMMENDED READING: You Can Now Use Your Web Domain Name as a Crypto Wallet, Says Ethereum Name Service (ENS)
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