Ethereum Name Service (ENS): Success thanks to Merge?

We are only a few days away from the Ethereum Merger, or more precisely its migration into Proof-of-Stake (PoS). As the date is already set for September 15, the crypto community seems to be a rocket of different opinions. Reason why the Ethereum Name Service is showing a positive provisional balance sheet at the moment.

An Ethereum Name Service boosted by Merge

Several consequences are expected from the Merge of Ethereum, such as the surge in the price of ether (ETH) or that of Ethereum Classic (ETC). For this token from the hard fork of 2016, analysts had forecast the bar of 32.50 dollars during the 3rd week of July. At the time of writing this post, CoinGecko shows an ETC that trades at $32.57 per coin. It only remains for him to go up to 40 dollars for the happiness of the many.

At the same time, Ethereum Name Service is also doing very well. Very early in the morning, ENS Domains announced that it had added 2,744 ETH in revenue and 34,000 new ENS accounts to its books during August. In addition, the volume of domain sales on OpenSea has seen a jump of +99%.

Here is a detailed stat about ENS:

  • 301,000 new .eth registrations, or 2.17 million ENS names in total;
  • $4.7 million in protocol revenue that will be channeled to ENS DAO;
  • 2,744 ETH in income;
  • 34,000 new ETH accounts associated with at least 1 ENS name, giving a total of 540,000 accounts;
  • 99% increase in volume of domain sales on the OpenSea marketplace;
  • etc

A little reminder about the Ethereum Name Service

In fact, ENS takes care of managing the issuance and renewal of .eth domain names built on the Ethereum blockchain. Thanks to this address standard, there is no need to type illegible and difficult to remember characters to reach any site. Similarly, for transactions, the Ethereum Name Service allows users to enter addresses that are easier to write down and remember.

Note also that ENS domains can be sold as NFT. And the rise in the number of registrations of the eponymous domains proves that all is well for Ethereum Name Service.

Decrypt had he not mentioned a multiplication by 2 Ethereum names in the middle of August? At that time, ENS Domains claimed to have identified ” 2 million ENS names created “.

It took 5 years to get to 1 million names, then 3.5 months to get to 2 million names, and we’re just getting started “, he added.

We have to recognize that the Ethereum Merge can cause panic among investors. The future of their ETH holdings looks unclear. But its impact on the blockchain and all the projects that orbit around it is enough to revive hope for a better future. Both for the ecosystem and for cryptocurrencies in general.

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