The massive spike for such a protocol to hit a record of revenue generation of $1 million in a single day
Initially the nascent projects need to create their own utilities and niches to establish themselves in the market full of mainstream and already accepted projects. Once they get their name to reach everywhere and get fame then it just becomes a matter of short while when such projects start becoming mainstream. Take Ethereum Name Service (ENS) for instance as an example of such a project, where investors and crypto enthusiasts in a huge number crawled over the recently released batch of about 10,000 ENS domain NFTs.
The NFT collection from 0000 to 9999 enjoyed a significant raise in its value to produce the madness of non fungible tokens or digital assets inside this new community. The naming service platform has seen significant rise in the month of May, where the registration or revenue renewal of the Ethereum Name Service managed to hit its record high of about $8,028,631. About 80% of this amount accounts for the registration fee where most of it was contributed by ordinary users.
Being a domain registration service, Ethereum Name Service (ENS) manages to earn revenue in two different ways, one is when users register for an Etheruem address and another is when users pay to renew the address. However, not with too much of surprise registrations have seen skyrocketing in terms of demand where numbers included in recent offerings of ENS.
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It was just around the start of this month where ENS has seen a gain in the past 24 hours of more than 100% surge. As per the data from OpenSea, it surged by more than 4400% in just the past week. Furthermore an impressive milestone of ‘1M ENS’ was achieved by ENS, asper the reports.
On top of that, the previous month of April has also played an important role where as per the data statistics reached a record high of about $1.2 million on 26th April. The very next day on 27th April, revenue of another $1.1 million was generated. These were indeed the massive spike for such a protocol to hit a record of revenue generation of $1 million in a single day. ITs because of these developments the stream of revenue that maintained to be an impressive figure all over. Regardless of the market conditions in the market capitalization where the total revenue maintained an optimistic image.
Source: https://www.thecoinrepublic.com/2022/05/22/what-made-the-revenue-stream-ethereum-name-service-to-hit-a-record-high-this-month/