Ethereum Name Service registrations increased rapidly and this month it was at an all-time high.
Ethereum Name Service (ENS) is an open-source decentralized Internet naming system. ENS runs like a set of smart contracts on the network of the Ethereum blockchain. This is much similar to the usual website’s Domain Name System (DNS). ENS translates computer identifiers into human-readable names with a dot-separated right-to-left hierarchical naming structure. In recent months, crypto investors showed huge interest in ENS for different reasons.
On 23 May, Nick Johnson, lead developer, tweeted that registration for the domain names surged rapidly this month, thanks to new registrations, renewals, huge revenues, and lower transaction fees for the same.
Nick Johnson wrote:
“May is now an All-Time High for every single ENS metric we track – registrations, renewals, revenue (ETH & USD), and income (ETH & USD). And there’s still a week of May left.”
ENS protocol was launched in 2017 as a Web2.0 domain name system but recently the team introduced this service in Web3, to step up with the trend.
Benefits of ENS protocol
As we already explained that it is a kind of normal domain name but here domain names corresponding to every ENS protocol possess unique Ethereum addresses and also these can be owned by any person in the form of NFTs.
The recent increase in the interest among the crypto Investors surged because of a usual trend, which increases because of the Ethereum project development works to shift the Ethereum network from Proof-of-work to Proof-of-stake Consensus.
One other factor, the increase in ENS registration, is the low fees on the Ethereum network. Due to the recent crash in the price of cryptocurrencies, many crypto investors secured huge amounts of Ethereum and now they are calm with their holdings. This thing is further resulting in less load on the network because of a lack of on chain transactions.