Ethereum Name Service, or ENS, surpassed a million created names this week, according to statistics from the crypto metrics dashboard Dune Analytics. Data shows that there’s been a significant spike in ENS names registered during the last 30 days, and 24-hour statistics indicate ENS has been a top burner in terms of protocols burning the most ethereum.
Over 1 Million ENS Domain Names Registered – ENS Burns $3.6 Million in Ether
The number of registered ENS names created exceeded one million in total. The metrics indicate that the number of Ethereum-based domain names created in April saw a significant spike. 162,978 names were created in April, while only 85,272 were registered in March. In addition, during the last days of May, 71,563 ENS names were registered, which means that there has been significant use of the ENS over the past month.
Blockchain-based domain names have many advantages and one of the biggest benefits is the fact that the easy-to-read name can be used as a crypto address. So instead of having to use a long alphanumeric ETH address, a user can use a human-readable ENS name instead like “bob.eth.” Because an ENS name can be a human-readable ETH address and a domain name at the same time, the ENS protocol leverages two smart contracts.
This week, Dune Analytics measurements indicate that there are seven ENS whale names with over 1,000 names each. The ENS domain hire.eth has 1,514 names and is now the top ENS whale, while nja.eth holds 1,444 names. Other ENS whales include goodnames.eth (1,168), misterens.eth (1,106), metax.eth (1,089), ensinvestor.eth (1,080), and ags.eth (1,045).
While there’s been 1,063,982 names created using ENS, there are 917,685 .eth names and 141,443 subdomains. The one million ENS names are split up between 393,894 unique ethereum addresses. While ENS also runs the blockchain-based domain service, the project further has a native token called ENS. ENS users, prior to a specific date, were airdropped ENS tokens and the coin is used for the project’s governance system.
Since ENS has been in high demand lately, the web portal Ultrason.money lists ENS as the best Ethereum burner for the past 24 hours. 1,270 Ether have been burned by ENS transactions being processed, which equates to $3.6 million worth of ETH at the time of writing. Two-week crypto market metrics further show that the project’s native ENS token is up 80% against the US Dollar.
