ENS Domain Name Registrations Hit a New Record: 2 Million

The number of ENS Domain names skyrocketed to two million this week. The Ethereum Name Service, or ENS, announced the new accomplishment on Twitter as the Ethereum merge date draws near.

2M ENS names were generated! We’ve only just begun. It took 5 years to collect 1 million names, then 3.5 months to collect 2 million names.
Let’s examine what ENS Domain names are and the reasons behind their recent explosive growth.
ENS Domains surpassed 1.8 million earlier in August. Khori Whittaker, an executive at True Names Limited, the organization in charge of ENS Domains, talked to Decrypt about their expanding success at that time. According to Whittaker, the unexpected increase is due to “organic expansion in the neighborhood.”

There is a very vibrant and committed ecosystem of ENS supporters, and they are autonomously and naturally forming sub-communities and disseminating information about the potential of ENS domains.

The eagerly anticipated Ethereum Merge is another event that might contribute to this rise. Additionally, it has been hypothesized that the decline in Ethereum transaction gas fees encourages more individuals to buy, as decreased gas fees frequently lead to an increase in domain registration.

Another explanation might be the increase in the number of powerful people who have added.eth to their social media usernames. Along with Vitalik Buterin, co-founder of Ethereum, Jimmy Fallon, and Snoop Dogg all use the.eth extension. The popularity of.eth names is growing as more people use their ENS domain names to display their Web3 identities.

At the time of writing, 2,061,360 names had been created, according to Dune Analytics. A startling 194,548 names have been registered so far in August, while 378,804 names have been registered so far in July. In just 3.5 months, the number of names registered has doubled.

You have probably seen ENS domain names in use; they consist of a word, phrase, or number, then.eth. These domain names can be used as cryptographic hashes, NFTs, or website addresses.

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Therefore, why would you choose an ENS Domain name? In essence, the long-form wallet address used to transmit and receive money is replaced by the ENS. “A web3-friendly, decentralized protocol that links complex sequences of alphanumeric machine-generated characters to human-friendly names,” as the Ethereum Name Service puts itself.

Furthermore, because these domain names are NFTs, you must mint them on the Ethereum blockchain in accordance with that. As a result, you can trade them on auxiliary NFT markets.

ENS Domains are not the only competitors in the market, despite their enormous success. Another naming provider making waves is Unstoppable Domains, which has more than 2.5 million bitcoin domain names registered. The.crypto,.bitcoin,.nft,.blockchain, and.dao domain extensions are available through Unstoppable Domains, and registration costs as little as $5 per name. You must mint the NFTs on Polygon in order to obtain these other domain names.

Although both products are competitive, Unstoppable Domains founder Matthew Gould does not view ENS as a rival. Gould told Decrypt that he believes all naming services should collaborate to increase crypto accessibility, adding:

We are in favor of anything that advances the goal of having everyone control their online identities and belongings. The market for domain names will only expand as more users transition to Web3, and we can’t wait to see ENS expand.

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