Over one million Web3 domain names have now been created using the blockchain-based naming protocol known as ENS (Ethereum Name Service).
Based on data tracked by leading crypto analytics platform, Dune, over 1.08M ENS names have been created of all times with ENS estimated to have generated $43.2 million in revenue for only this year 2022 so far.
A record 63,723 names were registered on May 2, 2022 alone, and 10,000 to 20,000 were registered daily over the past seven days according to Dune analysis.
Prior to the surge, the daily record for new ENS enrollments was 7,125 on November 10, 2021.
The rally in listings may have contributed to a surge in the price of the $ENS token, based on data present on CoinMarketCap.
The price of $ENS hit a 3-month high on May 3, 2022 when it stood at $26.5, the tip of a surge that started on April 27, 2022 when the symbolic price was 17, $14.
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask.
The goal of Ethereum Name Service is to make the Ethereum-based web easier for humans to access and understand — much the same way the Internet’s Domain Name Service (DNS) makes the Internet more accessible.
Like DNS, ENS also uses a dot-separated hierarchical naming system called domains, with domain owners having full control over their subdomains.
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RECOMMENDED READING: You Can Now Use Your Web Domain Name as a Crypto Wallet, Says Ethereum Name Service (ENS)
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