ENS registration hits double figures but here’s something to consider

Since the Ethereum Name Service (ENS) launched, it did not reach one million users until five years later. But if you had told the administrators that ENS registrations would take less than four months to hit double of that number, they probably would have taken it as a joke.

Interestingly, the unexpected happened. ENS domain registration hit two million only three and a half months after reaching one million. The official Twitter page of the web3 service announced this on 17 August.

2m ENS names created!! ?

it took 5 years to get to 1m names
then 3.5 months to get to 2m names

and we’re just getting started ? pic.twitter.com/BFPUmjqzhB

— ens.eth (@ensdomains) August 17, 2022

Merge and milestones

With this development, it may seem that the Ethereum [ETH] Merge anticipation has created an opportunity for all Ethereum-linked projects to reach new landmarks.

In addition, ETH was able to surpass Bitcoin [BTC] in options trading interest. So what are the numbers?

According to Dune Analytics, there has been a total of 2,010,316 ENS domains created at press time.

After doing incredible numbers in July, the number of unique participating addresses increased to  572,078 with 375,176 primary names in existence.

Also, the blockchain analytics platform reported that there has been a steady increase in registrations for the month of August. At press time, there were 143,735 names registered already.

Source: Dune Analytics

There was also an additional 10,061 yet-to-be-released domain names for August with projections for more registrations.

As the Megre approaches, there are possibilities that this figure can go beyond expectations and maybe, reach a new landmark. 

Source: Dune Analytics

How about NFTs?

Besides creating domain names and owning them on the Ethereum blockchain, ENS also serves as NFTs. The same way arts can be sold in the same way these domains can be traded. So has the ENS surge had any impact on ETH NFTs?

CryptoSlam data showed that there was an 8.14% increase in the 24-hour sales volume.

However, blue-chip collections did not record so many giant strides within the said period.

The only notable change was Crypto Punks which did a 222% uptick to reach $1.37 million at the time of this writing.

While Bored Ape Yacht Club [BAYC] was back on top of the rankings, it recorded a 15.64% decline. Third-placed Sorare was also down at a 28% decline to $1.04 million.

Despite ETH’s price failing to hold on to $1,900, the possibility of hitting another milestone before the Merge still remains well-grounded.

Investors across all of its ecosystem might need to brace up for the joy or disappointment the Proof-of-Stake (PoS) could bring.