ETH Name Services Reach ATH In Monthly Revenue: Analysis
The ETH Name services reach ATHin monthly revenue, besides raking in more than %8 million in revenue previously so lets read more today in our latest Ethereum news.
It has been a record-breaking month for the ENS domain name registration with the revenue hitting $8 million according to developer Nick Johnson. The Ethereum Name Services is a domain name provider for the ETH Blockchain and the service was launched in 2017, governed by DAO or a decentralized autonomous organization. Johnson wrote:
“May is now an all-time high for every single ENS metric we trackregistrations, renewals, revenue (ETH & USD) and income (ETH & USD).
May is now an All Time High for every single ENS metric we track – registrations, renewals, revenue (ETH & USD) and income (ETH & USD).
And there’s still a week of May left.
— nick.eth (@nicksdjohnson) May 22, 2022
He also shared that so far in May, the registrations, revenue, and income all doubled. The renewals, and users that register their domain for longer periods to save on gas fees are up by 55% from last month and May hasnt completed yet. He also included a graph showing that the combined traffic for new and returning users hit 160,000 which is also another high. The ETH Name Services reach ATH in monthly revenue and its success was helped by the fact that the first week of May included some higher volume days for ENS on the NFT marketplace OpenSea. When the ENS domain is registered, it will mint an NFT which can be sold and transferred like other NFTs.
The ENS domains accounted for 2,804 ETH in volume on OpenSea and as of Monday, it had seen 16,367 ETH in volume for the past month. This makes ENS domains the fourteenth most traded collection on the market in the same period in which Yuga Labs launched the Otherside metaverse project amid the major sell-off of Azuki NFTs. ENS is far and away from being the most popular domain name on OpenSea but Decnertaladn NAmes and Unstoppable Domains are the second and third-ranking domain name collections by volume saw less than $25,000 worth of the combined volume in the past 30 days.
Remember to take advantage of these low gas fees!
Now is a great time to delegate votes, update your ENS records or extend your registrations.
— ensdao.eth (@ENS_DAO) May 22, 2022
ENS is helped by the relatively low gas fees on the Ethereum news. Back on Monday, it cost about 35 gwei for a low priority transaction which will complete in 10 minutes. To expedite the transaction it will cost 36 gwei and shave off seven minutes of the transactions which havent gone unnoticed by the ENS community either. The ENS DAO Twitter account was reminding the members to take advantage of them as it is cheaper to purchase, renew and manage the domain names.
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