ENS: Why there’s more to the story than a hike in .eth domain name registrations

ambcrypto.com:

According to Dune Analytics, Ethereum Name Service (ENS) has recorded a spike in registrations so far this month. Here, it’s worth pointing out that this uptick comes on the back of tremendous growth logged across the month of August.

– 301K new .eth registrations (total 2.17m names) – $4.7m in protocol revenue (all goes to the @ENS_DAO) – 2,744 ETH in revenue (3rd highest month) – 34K new eth accounts w/ at least 1 ENS name (total 540k) – >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT

— ens.eth (@ensdomains) September 1, 2022

The reasons behind the same are not far-fetched by any means though.

Since ENS domain name purchases are made with Ether (ETH), the decline in the altcoin’s price, culminating in a fall in gas fees paid on the Ethereum Network, are responsible for the surge in ENS registrations over the last two months.

In fact, according to Messari, average transaction fees to use Ethereum have fallen by 29% over the past month. 

Source: Messari

Dune Analytics also revealed that with 372,146 new .eth registrations made so far this month, an 18% hike has been seen over the registrations last month. This count represents the third highest monthly .eth registrations since September 2021. 

Thanks to the aforementioned hike, the total .eth names, at press time, stood at 2,535,207.

Source: Dune Analytics

At the time of writing, the total number of addresses that hold at least one .eth name was 566,762. In the last 24 days, 29,409 new addresses have made at least one .eth name purchase, Dune Analytics also revealed. This represented an 18% drop from the new addresses that picked up an ENS domain name in August.

While new .eth names registration rose this