A Dismal Month for Ethereum Domain Name Service ENS as Registrations Hit an All-Time Low

03/02/2023 06:23 • Tech Ticker • 119 views

On March 2, according to data from Dune Analytics, the number of registrations of the Ethereum domain name service ENS in February was 40480 (including 14018 primary domain names), setting the record of the lowest number of registrations in a single month so far; The number of new address participants in February was 19653, which also reached the lowest monthly record. Up to now, ENS has created a total of 2790254 domain names (490388 primary domain names) and 661713 participating addresses.

In February, the registration volume of Ethereum domain name service ENS hit the lowest monthly record so far

Interpret the above information:

Data from Dune Analytics has revealed that February was a bleak month for the Ethereum Name Service (ENS), with the lowest number of registrations recorded since the service was launched. In February, the platform registered a total of 40,480 names, including 14,018 primary domain names – this is the lowest number of registrations in a single month so far. Furthermore, the number of new address participants, which refers to users owning domain names, hit an all-time low with only 19,653 new participants in February.

ENS, which is built on the Ethereum blockchain, allows users to register domain names that can be used to access various decentralised applications (dApps) and services. As of now, the service has created a total of 2,790,254 domain names, including 490,388 primary domain names, and has 661,713 participating addresses.

These figures raise questions about the future of the ENS service. The low registration numbers could be attributed to the recent price increase in the Ethereum network, making it more expensive to register a domain name. A recent CoinMetrics report revealed that gas prices on the Ethereum network had hit an all-time high, possibly contributing to higher transaction fees, which could discourage users from registering new domain names.

The low registration numbers could also be attributed to the increasing competition in the domain name service market. Recently, Unstoppable Domains, a blockchain domain name service provider, announced its integration with Cloudflare, a content delivery network provider, to make it easier for users to access dApps.

Despite the recent low numbers, ENS remains one of the most popular blockchain domain name services in the market. Its domain name registrations continue to outperform that of other blockchain-based competitors like Unstoppable Domains. The future of ENS remains largely dependent on the price of Ethereum and the continued growth of the blockchain industry.

In conclusion, the ENS service experienced a dismal month in February, with the lowest number of registrations recorded so far. The low registration numbers could be attributed to increased transaction costs due to high gas prices and increasing competition in the market. Despite these challenges, ENS remains one of the most used blockchain domain name services in the market.

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