Ethereum Name Service registrations surge by 200% amid lower gas fees
The number of registrations through the Ethereum Name Service (ENS) reached 126,141 in just one week, indicating a rise in interest in Ethereum domains.
Almost the course of the weekend, registrations increased by over 200 percent, going from 11,042 to 29,727, according to Nick Johnson’s statistics tracker, the ENS Dashboard. This occurred when “000.eth,” which was purchased on Sunday for 300 Ether (ETH), or about $320,000 at the time of the sale, was the second-largest.eth domain transaction.
When the acquisition was finalized, ENS’s daily revenue increased as a result of the purchase to $684,174. After then, the number of.eth domain registrations surged at 34,357 on Monday as the sale’s buzz reached a fever pitch.
The amount of ENS-related social media activity has also increased significantly. In just seven days, engagements with the phrase surged by 108.4%, according to cryptocurrency social tracking tool Lunar Crush.
Additionally, as Ethereum’s average gas fees dropped to $1.57, a level not seen since 2020, the demand for ENS domains surged.
The Gray Glacier hard fork, which postpones Ethereum’s difficulty explosion, went live on July 1st. Tim Beiko of the Ethereum Foundation claims that the fork was successful and that all nodes were in agreement. After that, a merging trial will be conducted on the Sepolia testnet in the upcoming days as the Ethereum network gets ready to switch to a proof-of-stake consensus.