Ethereum (ETH) has a service for hosting domain names on the blockchain called Ethereum Name Service (ENS). The service is in demand, according to data from the Ethereum Foundation.
Ethereum Name Service all time highs
On Twitter, the lead developer of Ethereum Name Service Nick Johnson writes that all measuring points have set new records. This not only concerns the number of new registrations, but also the number of subscription renewals and the turnover in ETH and USD. And May hasn’t ended yet, so the final numbers will be even higher.
May is now an All Time High for every single ENS metric we track – registrations, renewals, revenue (ETH & USD) and income (ETH & USD).
And there’s still a week of May left.
— nick.eth (@nicksdjohnson) May 22, 2022
Johnson told Cointelegraph that the most important reason to put a website on Ethereum is ‘to form shared communities without having to consider a predominant organization’. Most websites are hosted by, for example, Amazon’s AWS, which are not decentralized.
EAccording to Johnson, NS has reached critical mass in terms of both knowledge and adoption of the project. Most wallets support it, which is positive for its potency.
Ethereum Name Service Token
huhet ENS protocol was founded in 2017, and allows you to digital identity on the blockchain at to make by linking it to your wallet† For example, scammers can’t imitate you like this with fake accounts and sites. You can also use it for a decentralized web address. Each ENS address is a non-fungible token (NFT). One ENS-enabled address has .eth as a suffix and can simply be used as a wallet for tokens.
For an address you currently pay about $5 USD per year. However, higher transaction costs can cause the price to rise to a multiple of this. According to the developer, the recently low gas prices positively affect the number of subscribers.
Ethereum Name Service also has its own token called ENS, which of course lives on the Ethereum network. Despite the fact that the network has grown rapidly, the price has even fallen sharply since the end of last year.