Ethereum name service hits record monthly revenue – and counting

It was a record month for ENS domain name registrations, with revenue exceeding $8 million, according to lead developer Nick Johnson.

the Ethereum name service (ENS) is a domain name provider for Ethereum blockchain. The service itself, launched in 2017, is governed by a CADor decentralized autonomous organization.

“May is now an all-time high for every ENS metric we track — enrollments, renewals, revenue (ETH and USD), and revenue (ETH and USD),” Johnson wrote in a tweet Monday.

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

“And there’s still a week of May left,” he added.

He also included a graph showing that the combined traffic of new users and old users exceeded 160,000. This is another all-time high.

What drives the Ethereum name service?

ENS’ recent success was aided by the fact that the first week of May included some of the highest volume days ever for ENS in the OpenSea NFT marketplace. When an ENS domain is registered, it hits a NFT which can be sold and transferred like any other NFT.

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

Note: This metric currently includes a few days in April because May is not over yet.

This makes ENS domains the fourteenth most traded collection in the market during the same period as Yuga Labs has launched its Otherside metaverse project and in the middle of a big sale of Azuki’s NFTs.

ENS is also by far the most popular collection of domain names on OpenSea. Unstoppable Domains and Decentraland Names, the second- and third-highest-ranked domain name collections by volume, saw less than $25,000 in combined volume over the past 30 days.

ENS was also helped, in part, by the relatively low gas fees on the Ethereum network.

On Monday morning, it cost around 35 gwei ($1.09) for a low-priority transaction that would complete in around 10 minutes. To speed up a transaction, it would cost 36 gwei ($1.31) to reduce the transaction by seven minutes.It hasn’t gone unnoticed by the ENS community either.

In fact, the ENS DAO Twitter account reminds members to take advantage of it, as it is now cheaper to purchase, renew, and otherwise manage domain names.

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