The Rise of ENS: The Ethereum Domain Name Service Reaches Half a Million Primary Domain Names

On March 24th, according to the latest data from Dune Analytics, the number of primary domain names in the Ethereum Domain Name Service (ENS) has exceeded 500000, reaching 500880 at the time of writing. Currently, the total number of active ENS domain names is 2769381, and the number of participating addresses is 671665. The Primary Name allows the user’s Ethereum address to point to an ENS domain name, helping users find and display the ENS domain name when connecting to DApp using their Ethereum account. This domain name must be set by the user himself and will not be automatically generated during registration. According to NFTgo data, the total trading volume of ENS has reached 214.61 million US dollars, with a market value of approximately 100.32 million US dollars.

The number of ENS main domain names has exceeded 500000

Over the years, the Ethereum platform has become an integral part of the blockchain ecosystem, providing a robust and flexible infrastructure for decentralized applications (DApps). One of the essential components of Ethereum that has gained significant traction recently is the Ethereum Name Service (ENS). ENS is a decentralised, open-source, and distributed naming system built on Ethereum, allowing users to register human-readable domain names for their Ethereum addresses. On March 24th, Dune Analytics reported that the number of primary domain names in the Ethereum Domain Name Service (ENS) had exceeded half a million, reaching 500,880, making it one of the fastest-growing decentralised naming systems.

Understanding the Ethereum Name Service (ENS)

Before we delve into the growth and impact of the Ethereum Domain Name Service, let us first understand what it is and how it works.
ENS is a domain name service built on Ethereum that allows users to register human-readable domain names for their Ethereum addresses. The primary use case of ENS is to help users find and identify their Ethereum addresses easily, instead of relying on complex hexadecimal addresses generated during account creation. ENS makes it possible to use a name that is easier to remember and share with others, just like domain names work for websites.
To register a domain name on ENS, you need to own an Ethereum address and submit a name along with a fee paid in Ethereum’s native cryptocurrency, Ether. The fee paid for the primary domain name on ENS is a one-time fee, and once you own the domain, you can associate it with any Ethereum address you control.

The Growth of ENS: Half a Million Primary Domain Names and Counting

According to Dune Analytics, the number of primary domain names on ENS has exceeded half a million, hitting 500,880 at the time of writing. This number is a testament to the growing popularity and adoption of ENS among the Ethereum community. However, the number of primary domain names is just a fraction of the entire ENS ecosystem.
Currently, the total number of active ENS domain names is 2,769,381, and the number of participating addresses is 671,665. This means that while half a million people have registered a primary domain name, there are over two million active ENS domain names in circulation. The number of participating addresses is the number of unique addresses that have set up ENS records for their primary domain name.
The primary domain name allows the user’s Ethereum address to point to an ENS domain name, making it easy to identify and share it with others. The ENS domain name must be set up by the user and will not be automatically generated during registration.

The Value of ENS: Trading Volume and Market Capitalisation

ENS is not just a naming system; it has also become a valuable asset in the Ethereum ecosystem, with its trading volume and market capitalisation on the rise. According to NFTgo data, the total trading volume of ENS has reached 214.61 million US dollars, with a market value of approximately 100.32 million US dollars.
The value of ENS lies in its ability to provide a more accessible and user-friendly way to interact with the Ethereum network. It is an essential component of the Ethereum ecosystem, providing a more human-readable way to navigate Ethereum addresses and interact with DApps.

Conclusion

The growth and success of the Ethereum Name Service (ENS) are apparent, given the recent milestone of half a million primary domain names registered on the platform. ENS provides a more functional and user-friendly approach to the Ethereum address system, making it easier for users to interact with the platform’s DApps.
As the popularity of ENS continues to grow, it has also become a valuable asset. Its trading volume and market capitalisation have reached impressive levels, indicating its long-term significance and potential for growth.

FAQs

#Q1. What is ENS?

ENS stands for Ethereum Name Service, a decentralised naming system built on Ethereum.

#Q2. What is the primary use case of ENS?

The primary use case of ENS is to help users identify and find their Ethereum addresses easily using human-readable domain names.

#Q3. What is the total number of active ENS domain names?

The total number of active ENS domain names is 2,769,381, and the number of participating addresses is 671,665.