Ethereum Name Service Hits All-Time High in Monthly Revenue—And May’s Not Over

Besides raking in more than $8 million in revenue, Ethereum Name Service has seen record-breaking metrics across the board.

It's been a record-breakingly good month for ENS domain name registrations as revenue tops $8 million, according to lead developer Nick Johnson.

The Ethereum Name Service (ENS) is a domain name provider for the Ethereum blockchain. The service itself, which was launched in 2017, is governed by a DAO, or decentralized autonomous organization.

"May is now an all-time high for every single ENS metric we track—registrations, renewals, revenue (ETH & USD) and income (ETH & USD)," Johnson wrote in a tweet on Monday.

In a screenshot, Johnson shared that so far in May registrations, revenue, and income have all doubled. And renewals—users who register their domains for longer periods to save on gas fees—are up 55% from last month.

He also included a graph showing that the combined traffic from new and returning users has surpassed 160,000. That's another all-time high.

What's driving Ethereum Name Service?

ENS' recent success was helped by the fact that the first week of May included some of the highest volume days ever for ENS on NFT marketplace OpenSea. When an ENS domain is registered, it mints an NFT that can be sold and transferred like any other NFT.

On May 2, ENS domains accounted for 2,804.31 ETH (about $6 million) in volume on OpenSea and, as of Monday morning, had seen 16,367.3 ETH (about $34 million) in volume for the last 30 days.

That makes ENS domains the fourteenth most-traded collection on the marketplace in the same period that Yuga Labs launched its Otherside metaverse project and amid a big sell-off of Azuki NFTs.

By FireFoxCrypto

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