Ethereum Name Service (ENS) reported its third-highest month of revenue in August, with 301,000 new “.eth” registrations, totaling 2.17 million names, according to a post on its verified Twitter handle.
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- ENS generated 2,744 ETH, currently worth around US$4.3 million of revenue in August, with a total of US$4.7 million in protocol revenue, according to the announcement.
- The protocol also received 34,000 new ETH accounts with at least one ENS name during August, totaling 540,000 similar accounts. ENS is the most widely integrated blockchain naming standard.
- The decentralized naming service aims to make decentralized finance (DeFi) more user-friendly, by replacing complicated crypto wallet addresses with Web3 usernames like “Rick.eth”, which can be used across all blockchain networks for digital asset transactions.
- During the summer, ENS domain registrations were seemingly unaffected by the bear market. In July alone, ENS received 378,000 net .eth registrations, as domain ownership surpassed 1.8 million names.
- ENS’ new milestone comes only two weeks before the expected date of “The Merge,” one of the most important upgrades in the history of Ethereum. ENS domain names can also be sold as non-fungible tokens (NFTs) on NFT marketplace OpenSea — where the protocol reportedly generated 99% of its domain sales volume for August.
See related article: If successful, Ethereum’s Merge will cause a sea change in ETH supply and value