Ethereum Name Service registrations surge by 200% amid lower gas fees

The demand for Ethereum domains increased as Ethereum Name Service (ENS), registered totals reached 126,141 in one week.

The ENS Dashboard, a data tracking tool created by Nick Johnson, shows registrations increased more than 200% over the weekend. This occurred during the second largest.eth domain sales, when “000.eth” (300 Ether) was purchased on Sunday. It was valued at around $320,000 at that time.

ENS’s daily revenues jumped to $684,174 after the purchase. The hype surrounding the sale culminated in Monday’s 34,357.eth domain registrations. This pushed ENS to number one on the Dapp Radar information tracker nonfungible token (NFT), collection sales chart for seven days.

The social media activity around ENS has also reached new heights. Lunar Crush, a crypto social tracking platform, reported that engagements with the keyword rose by 108.4% in just seven days.

Ethereum Name Service 1-week activity: Social mentions: 41.71K +69.8% Social dominance: 2.94% +294.1% Social engagements: 101.58M +108.4% More @ensdomains insights:
— LunarCrush (@LunarCrush) July 6, 2022

The demand surge for ENS domains was also caused by Ethereum’s low average gas fees, which fell to $1.57. This is a new record since 2020.

Related: Future and concept of decentralized Web3 domains

The Gray Glacier hardfork, which delays Ethereum’s difficulty bomb, was live on Thursday, July 1. Tim Beiko from Ethereum Foundation said that the fork was successful and all nodes were connected. The Sepolia testnet will undergo a merge trial as part of the preparations for the Ethereum network’s move to a proof–of-stake consensus.

Ether fell 5% the day after the fork. 1 Ethereum was now $1,044. This comes after a four-day losing streak by the asset. Ether-focused investment products saw almost $140 million in outflows during June.

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