The latest metrics on new registrations and renewals of existing domains on ENS show that interest within the digital identity service has shattered previous records.
The Ethereum Name Service has its best month on record for new registrations, account renewals, and revenue because of community awareness and low gas fees.
Lead developer at Ethereum Name Service (ENS) Nick Johnson tweeted on May 23 the metrics for the Web3 domain service through might to date. He noted numbers were poised to shatter existing records because they were already at uncomparable highs, “and there’s still a week of May left.”
“ENS has reached a critical mass of awareness and adoption; most wallets support ENS names, so the usability factor is significant.”
ENS is an open-source blockchain protocol supported in 2017 that permits individuals to assign a digital identity to their Ethereum (ETH) wallet. every name is a nonfungible token (NFT) that ends with .eth and might act as associate degree address, a cryptographic hash, or an internet site URL.
The data shared by Johnson shows that there are 304,968 new registrations, 13,260 renewals, and 3,165.85 ETH in revenue up to now in could. All of those metrics leave previous highs in the dirt.
Johnson conjointly said that ”low gas fees positively have an impact” on the upper onboarding and renewal rates. To send a quick group action on Ethereum prices regarding twenty two GWEI as of the time of writing, price regarding $0.92 per gasprice.io. In periods of high volume, gas fees may be above $50, which may act as a deterrent to using the network unless in emergencies.
“You can register a 5+ character ENS name for a year for $5 - high gas fees can make the cost several times that, so gas prices have a big impact on the affordability of ENS names.”
Interest in ENS domains has been quickly rising since April once social clubs like the 10k Club among ENS gained tremendous attention. The 10k Club was formed by owners of ENS domains numbered between 0-9999. each new registrations and renewals have nearly doubled since then.
( Brian Newar, Cointelegraph, 2022 )