Ethereum Name Service Token Surges 86% as Registered ETH Domains Surpass 1 Million

May 05, 2022, 10:10 AM AEST - 2 weeks ago

The Ethereum Name Service (ENS) this week announced it had surpassed a milestone of one million domain names created, with the news triggering an 86 percent value surge for the ENS token:

The Ethereum Name Service is helping to provide a smooth transition from Web2 to Web3, with its latest milestone clearly demonstrating its impact. A spike in registrations over the past 30 days has also had a knock-on effect on the ENS token:

The demand for three- and four-digit domain names is up and likely related to the NFT community’s new interests. These shorter domain names can also be used as the owner’s crypto address, instead of the random and more unwieldy alphanumeric combination.

Likely contributing to the spike is the fact that ENS’s protocol revenue rise has permitted the company to increase the funds available to its DAO. This, plus record registrations for April, contributed to the ENS token’s massive value surge.

Other Registered ETH Domains

Last August, American beer brand Budweiser dived into crypto and purchased the beer.eth domain name for 30 ETH. Adding Budweiser’s purchase of a Rocket Factory NFT for 8 ETH, the total venture was worth the equivalent of US$120,000.

More recently, Puma renamed itself puma.eth on Twitter and purchased several cat-related NFTs. These purchases can only mean there are more future crypto partnerships in the making.

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