ENS: August 2022 growth for domains on Ethereum

Ethereum Name Service (ENS), the service that shortens and converts an ETH address into a readable string formatted as a URL, released its August 2022 numbers, noting strong growth.

ENS: demand for domains on Ethereum grows in August 2022

For August 2022, overall demand for domains on Ethereum appears to have seen strong growth, perhaps due in part to the Merge update scheduled for mid-September. 

Here are the numbers posted directly from the official ESN ETH account:

August 2022 stats for ENS

– 301K new .eth registrations (total 2.17m names)
– $4.7m in protocol revenue (all goes to the @ENS_DAO)
– 2,744 ETH in revenue (3rd highest month)
– 34K new eth accounts w/ at least 1 ENS name (total 540k)
– >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT

— ens.eth (@ensdomains) September 1, 2022

“August 2022 statistics for ENS.

– 301K new .eth registrations (total 2.17 million names)

– 4.7 million in protocol revenue (all going to @ENS_DAO)

– 2,744 ETH in revenue (3rd highest month)

– 34K new eth accounts with at least 1 ENS name (total 540k)

– >99% of OpenSea domains.”

In the last month alone, then, ENS got 301,000 new registrations, for a total of 2.17 million names ending in .eth. Not only that, of these, 34 thousand new eth accounts have at least 1 ENS name, for a total of 540 thousand. 

Speaking of revenue, the ENS DAO obtained $4.7 million, while the revenue for the month in general obtained was an impressive 2,744 ETH, the equivalent, at the time of writing, of over $4.3 million. 

Ethereum Name Service: what it is and the token price

The service of associating an Ethereum address with a choice, easy-to-remember name with the extension .eth, the Ethereum Name Service (ENS) has over time become the leading blockchain-based naming system using smart contracts. 

What ENS also entails is to facilitate users especially in typing it in cryptocurrency transfers.  

Not only that, each of these is then an NFT minted and sold on OpenSea marketplaces. ENS is managed by a decentralized autonomous organization (DAO) that is self-governed through the ENS token. 

Looking at the price chart of the current 114th cryptocurrency by market cap, the price in August fluctuated from $15 to $18 to be, at the time of writing, $13.22. It performs better than the previous month when ENS’s price was below $10.