The buzz around the Ethereum Name Service (ENS)[1] has witnessed ups and downs within the crypto community in 2022. April-May saw a surge in the demand for 3- and 4-digit ENS domain names. But can August reciprocate the same narrative?
Cementing my name
The popularity and buzz around ENS domains witnessed all kinds of traction across the market. Google Trends data for the search term “ENS Domain Name” revealed a gradual decline in the interest of internet users in that topic since the beginning of May.
Source: Google Trends[2]
Although, the popularity took a hit, but didn’t quite stop the platform’s performance at press time.
Consider this- ENS showed signs of recovering as the platform surpassed a major milestone of two million[3] registered domains. Indeed, a massive rise just within four months. This means that the ENS price gained 90%+ after the protocol surpassed one million registered domain names in April.
Nick Johnson, the founder and lead developer of ENS, retweeted[4],
“It took 5 years to reach 1,000,000 names then only 3.5 months to reach 2,000,000!”
The highly-anticipated Merge might play a small part in the increased activity. Another factor could be the drop in gas fees for Ethereum transactions. Historically, whenever gas fees declined, domain registration activity spiked.
The sudden surge in registrations at the end of April capped off a record month for the project. However, August did face some decline in different parameters compared to April or June.
At press time, new domain registrations saw 296,150, according[5] to data from Dune Analytics. Meanwhile, 33,740 new addresses[6] had joined this very month.
Source: Dune Analytics
As a result of the renewed interest in ENS domains, the protocol saw its monthly revenue[7]
