Ethereum Name Service registrations surpassed 1.8 million as Ethereum merge approaches
Ethereum domains showed an increase in demand as Ethereum Name Service (ENS) registration totaled 378,000 registrations in July alone.
The ENS Dashboard, a data tracker created by developer Nick Johnson, shows that registrations surpassed 1.8 million names. This happened amid the Ethereum community prepares for the upcoming merge in September, which will shift the top blockchain from a proof-of-work consensus algorithm to proof of stake.
ENS Domains said in a tweet that it booked 5,400 eth (roughly $8.9 million) in revenue in July.
Khori Whittaker, Executive Director of True Names Limited, the company behind ENS Domains, said the drop in gas fee for Ethereum transactions contributed to the surge in ENS registration, despite the merge also play a key role in boosting the demand for ENS.
According to Whittaker, the company has also stared to see an increasing demand for ENS from non-English speaking communities, such as Arabic and Spanish speaking communities.
Key word research with regard to ENS has also reached new highs. According to crypto social tracking platform Lunar Crush, engagements with the keyword more than doubled within seven days.
The ENS manages the issuance and renewal of .eth domain names, which are built on Ethereum, sold as non-fungible tokens, better known as NFTs, and can be linked to one’s cryptocurrency wallet, showing proof of ownership.