{"id":451336,"date":"2022-05-23T06:15:36","date_gmt":"2022-05-23T03:15:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/interest-in-ethereum-name-service-reaching-critical-mass\/"},"modified":"2022-05-23T06:15:36","modified_gmt":"2022-05-23T03:15:36","slug":"interest-in-ethereum-name-service-reaching-critical-mass","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/interest-in-ethereum-name-service-reaching-critical-mass\/","title":{"rendered":"# Interest in Ethereum Name Service reaching \u2018critical mass\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c3393caf38\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c3393caf38\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/interest-in-ethereum-name-service-reaching-critical-mass\/#%E2%80%9D_Interest_in_Ethereum_Name_Service_reaching_%E2%80%98critical_mass_%E2%80%9C\" >&#8221; Interest in Ethereum Name Service reaching \u2018critical mass\u2019 &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Interest_in_Ethereum_Name_Service_reaching_%E2%80%98critical_mass_%E2%80%9C\"><\/span>&#8221; Interest in Ethereum Name Service reaching \u2018critical mass\u2019 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMGNjOTc5NjMtZWY2Mi00ZjA5LWJlMTctNTg5YWI5YmI5MTFjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Ethereum Name Service is having its best month on record for new registrations, account renewals, and revenue thanks to community awareness and low gas fees.<\/p>\n<p>Lead developer at Ethereum Name Service (ENS) Nick Johnson <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nicksdjohnson\/status\/1528516461668380672\">tweeted<\/a> on May 23 the metrics for the Web3 domain service through May so far. He noted numbers were poised to shatter existing records because they were already at all-time highs, \u201cand there\u2019s still a week of May left.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">May is now an All Time High for every single ENS metric we track &#8211; registrations, renewals, revenue (ETH &amp; USD) and income (ETH &amp; USD).<\/p>\n<p>And there&#8217;s still a week of May left.<\/p>\n<p> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/u0tTcVPr3f\">pic.twitter.com\/u0tTcVPr3f<\/a><\/p>\n<p>\u2014 nick.eth (@nicksdjohnson) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nicksdjohnson\/status\/1528516461668380672?ref_src=twsrc%5Etfw\">May 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nJonson told Cointelegraph on Monday that the main factor contributing to higher demand in ENS domains is that it is a place where people can \u201cform shared communities without any overarching structure imposed on them beforehand.\u201d This has had astounding results for the domain service. <\/p>\n<blockquote><p>\u201cENS has reached a critical mass of awareness and adoption; most wallets support ENS names, so the usability factor is significant.\u201d<\/p><\/blockquote>\n<p>ENS is an open-source blockchain protocol founded in 2017 that allows people to assign a digital identity to their Ethereum (ETH) wallet. Each name is a nonfungible token (NFT) that ends with .eth and can act as an address, a cryptographic hash, or a website URL.<\/p>\n<p>The data shared by Johnson shows that there have been 304,968 new registrations, 13,260 renewals, and 3,165.85 ETH in revenue so far in May. All of these metrics leave previous highs in the dust.<\/p>\n<p>Johnson also said that \u201dlow gas fees definitely have an impact\u201d on the higher onboarding and renewal rates. To send a fast transaction on Ethereum costs about 22 GWEI as of the time of writing, worth about $0.92 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gasprice.io\/\">according<\/a> to gasprice.io. In periods of high volume, gas fees can be higher than $50, which may act as a deterrent to using the network unless in emergencies.<\/p>\n<blockquote><p>\u201cYou can register a 5+ character ENS name for a year for $5 &#8211; high gas fees can make the cost several times that, so gas prices have a big impact on the affordability of ENS names.\u201d<\/p><\/blockquote>\n<p>Interest in ENS domains has been quickly rising since April when <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> clubs such as the 10k Club within ENS gained tremendous attention. The 10k Club was formed by owners of ENS domains numbered between 0-9999. Both new registrations and renewals have nearly doubled since then.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Web3, NFTs, Metaverse: The tools for a truly decentralized future<\/em><\/strong><\/p>\n<p>ENS\u2019s record high revenues coupled with a market downturn has sparked plans in the ENS decentralized autonomous organization (DAO) to squirrel away funds for ongoing development. Johnson stated that the income slated for funding development and maintenance \u201cfor the indefinite future\u201d would help the project weather further market volatility.<\/p>\n<blockquote><p>\u201cWith that guarantee against market effects, additional funds can be used more freely to help grow the ecosystem.\u201d<\/p><\/blockquote>\n<p>However, the bullish metrics have not been reflected in ENS prices. The token has been on a steady decline since its November 2021 launch in which all .eth domain holders were airdropped a portion of the supply. ENS has fallen 86% from its November all-time high to $12.21 according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum-name-service\">CoinGecko<\/a>.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/interest-in-ethereum-name-service-reaching-critical-mass\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Interest in Ethereum Name Service reaching \u2018critical mass\u2019 &#8220; The Ethereum Name Service is having its best month on record for new registrations, account renewals, and revenue thanks to 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":451337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMGNjOTc5NjMtZWY2Mi00ZjA5LWJlMTctNTg5YWI5YmI5MTFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,115707,76174,93542,74355],"class_list":["post-451336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-ens","tag-identity","tag-web3","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=451336"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/451337"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=451336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=451336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=451336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}