Ethereum Name Service (ENS) experienced a highly successful year in 2022, with over 80% of the total ENS domains created since its inception being registered during that year, despite the challenging market conditions for cryptocurrencies.
According to data from Dune, as of January 2nd, ENS had approximately 2.82 million names registered and 631,393 owners of ENS domains. It also saw the most ENS registrations of the year, with 459,054 domains registered.
Additionally, May 2022 was a successful month for ENS, with many .eth domain registrations likely being influenced by the low gas fees on the Ethereum network at the time. The data shows that it recorded about 64,594 new addresses in May.
Ethereum Name Service (ENS) is a decentralized database that enables users to register and manage domain names on the Ethereum blockchain using the ENS token. The token is used for transferring ownership of these domains and for payment when registering and managing domain names.
To register a domain name with ENS, users need to send a certain amount of Ether (ETH) to an address provided by ENS. This ETH will cover the transaction fees and other costs associated with registering the domain name.
To transfer ownership of an ENS domain name, the current owner will need to send a certain amount of ENS tokens along with information about the new owner, like their address and signature. It can be done through exchanges or wallets that support ERC-20 tokens, like MyEtherWallet.
Ethereum (ETH) & ENS Price Analysis
As of now, Ethereum, the second-largest cryptocurrency, is trading at $1,249.01. It has seen a 2.65% increase in the past 24 hours and a 4% increase over the past week, according to Coinmarletcap.
In 2022, Ethereum saw a significant drop in value, falling from over $1,600 to under $1,100. In December, it briefly rose above $1,300 before falling back again. It is also down 75% from its all-time high of $4,878 in November 2021.
Additionally, the data shows that Ethereum Name Service is trading at $11.73. The token’s price is promising in both daily and weekly charts by 4% and 7.72%, respectively. The token’s trading volume is also rising significantly, and it is currently increased by about 48.81% in the last 24 hours.
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