Over 2.2 million new registrations were made in 2022, according to the Ethereum Name Service (ENS), a distributed domain name service built on the Ethereum blockchain.
The company has experienced its most prosperous year as it established itself as the most broadly adopted blockchain naming standard available.
Why were the people interested in buying the ENS domain?
Ether tokens are used to acquire ENS domain names. With the crypto asset’s price falling sharply during the year, gas fees for network transactions also fell. At various points during the year, this led to an increase in the number of .eth domain name registrations as users took advantage of the cheaper rates.
Impact of the growing popularity of ENS
The service has been driven by users’ adoption of ENS names for decentralized profiles that work across decentralized applications and platforms. In essence, ENS domains are Non-Fungible Tokens (NFTs) that serve as website addresses, cryptographic hashes, or Ethereum wallet addresses.
As the site’s popularity increased, a number of partnerships with important exchange operators, like Coinbase, were revealed. After Coinbase announced the incorporation of ENS in September 2022, users will be able to use language-based usernames in place of the standard bitcoin wallet addresses.
Previous announcement
ENS announced that it was attempting to integrate Ethereum Layer-2 support about a year ago. The service had the first iteration of its off-chain resolution developed by the end of January 2022 and was prepared for developer testing. Although the launch date for Layer-2 functionality is unknown, the implementation can cause a fresh round of ENS name registrations.
