Ethereum Name Service domains skyrocketed in July as the project witnessed the largest monthly rise in revenue. The total number of registrations has surpassed the whopping two million barrier.
Ethereum Name Service, most popularly known as ENS, describes itself as a web3-friendly, decentralized protocol that links complex strings of alphanumeric machine-generated characters to human-friendly names. The not-for-profit naming system is powered by the Ethereum blockchain, where ENS domain names are secured with the help of smart contracts. Additionally. these domain names are also non-fungible tokens and can be sold on NFT marketplaces, including OpenSea.
In short, it can be defined as an NFT that can act as an ETH wallet address, a cryptographic hash, or a website URL.from Dune Analytics, over 525,000 addresses had participated. The charts indicated 67,095 ENS registrations in February, but the figures spiked to 85,272 the following month. The uptrend continued, and April saw 162,978, with May recording a significant rise of 365,652 registrations – 124% higher than the month prior.
The number of ENS registrations in July exceeded 378,000. The month saw intense activity in terms of protocol revenue as well, which climbed above $6.8 million.
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