July turned out to be more successful for this Ethereum service than for ETH itself
The popular Ethereum-based domain registration service, Ethereum Name Service, has reported a historically high number of new registrations for the month of July. According to statistics compiled by the service’s developer in crypto portal Dune, the number of new Ethereum Name Service (ENS) domain names registered in July was 378,000, surpassing the previous record of 365,000 set in May and reaching the new all-time high. Ethereum Name Service’s monthly revenue for July was $5.75 million for new registrations and $1.1 million for renewed domains.
In all, 1.87 million ENS names have been created to date, with 508.43 thousand unique addresses. The total value of all registrations is 28,172 ETH, the equivalent of $47 million. The total cost of updated ENS names nears 5.320 ETH, which is equal to $7.75 million.
ENS surges 67% in month
Following Ethereum Name Service’s record highs in registrations and revenue, the platform’s native token, ENS, pulled in as well. The cryptocurrency managed to show impressive growth of 67% in July, being the governance token of the service and directly affecting domain pricing.
Currently quoted at $14.6, ENS seems to have recovered a bit from a prolonged drop from $80 per token and has reacted briskly to the recent greening of the entire crypto market. That said, for a project that is one of the top NFT issuers, and ENS domain names are NFT, the token seems severely undervalued.
Ads
Given the growing popularity of the NFT sector, as well as the demand for domain names on Ethereum, it can be safely assumed that when the market recovers from the correction and investors revive their appetite for risk, the ENS token can again see the heights from which it has fallen.