INTEREST IN THE DIGITAL IDENTITY SERVICES HAS SHATTERED PREVIOUS RECORDS
The Ethereum Name Service has its best month to record new registrations, account renewals and revenue due to public awareness and low gas payments.
Leading developer at Ethereum Name Service (ENS) Nick Johnson posted on Twitter Monday the Web3 domain service metrics for May to date. He noted that the numbers were poised to demolish existing records because they were already in high quality, "and there is a week left in May."
Jonson told the Cointelegraph on Monday that the main factor contributing to the high demand for ENS domains is that it is a place where people "can build shared communities without any kind of pre-emptiness." This has had amazing results for the domain service:
“The ENS has achieved a lot of awareness and discovery. Many bags support ENS names, so the usability is important. ”
ENS is an open source blockchain protocol launched in 2017 that allows people to transfer digital identity to their Ethereum wallet. Each word is a swear word (NFT) that ends in .eth and can serve as an address, cryptographic hash or website URL.
Johnson's data shows that there have been 304,968 new registrations, 13,260 renewals, and 3,165.85 Ether (ETH) revenues so far in May. All of these metrics leave the previous elevation in the dust.
Johnson also said "low gas costs have an impact" on high levels of transportation and renewal. Posting a quick transaction on Ethereum costs about 22 GWEI, which costs about $ 0.92 at the time of writing, according to gassprice.io. In high volume times, gas costs can be as high as $ 50, which can serve as a barrier to using the network except in emergencies:
“You can sign up for a 5+ year ENS name for $ 5 a year. The high cost of gas can make the cost even higher, so electricity prices have had a huge impact on ENS branding. ”
Interest in ENS domains has been growing rapidly since April, when community clubs like the 10k Club within the ENS are receiving a lot of attention. The 10k Club is made up of owners of ENS domains numbered 0-9999. Both new registrations and renewals have almost doubled since then.
ENS 'high record of income related to market downturn has prompted plans for the ENS decentralized autonomous organization (DAO) to provide funding for sustainable development. Johnson said the proceeds from the development and maintenance of the "eternal future" would help the project's climate continue to deteriorate in the market turmoil:
"With that assurance against market consequences, additional funds could be freely used to help grow the ecosystem."
However, bullish metrics were not reflected in ENS values. The token has been declining steadily since it was introduced in November 2021 when all .eth domain owners were issued a portion of the feed. ENS fell 86% from a peak in November to $ 12.21, according to CoinGecko.