Over 2.8 million domain names were registered via the Ethereum Name Service in 2022.
by zhixian pan January 05, 2023
The figures represent 80% of all registrations since the service launched.
Source: ENS saw a record year in terms of new users and domain registrations. (Dune)
Ethereum Name Service (ENS) saw lifetime record domain registrations in 2022 amid a broader market frenzy that saw some traders treating the domains as investments.
ENS is a decentralized domain name protocol that runs atop the Ethereum network. It provides users with an easily readable name such as “abc.eth” instead of a complex, long-form alphanumeric address for their crypto wallets, similar to the way the Domain Name System substitutes memorable names such as "coindesk.com" for websites' numeric Internet Protocol addresses.
Data from Dune Analytics show over 630,000 unique wallets created 2.82 million domain names, with 459,000 of those classified as “primary names.” Primary names are ENS addresses that resolve to a user’s crypto wallet and can be used as a proxy to search for information on blockchain explorers, such as Etherscan.
September saw the most ENS registrations at over 430,000 unique domains while December recorded the lowest at just 52,000 domains, the data shows. The month of May, however, saw the most new users at over 64,000
Some ENS buyers treat the names as investments, purchasing popular and common names and selling them for a profit, research firm Delphi Digital said in a July note last year. At the time, “000.eth” was sold for a record 300 ether, fueling interest in three-digit ENS names as “traders tried to capitalize on the hype,” as per Delphi analysts.
Ethereum’s Shanghai upgrade, which allowed withdrawals from its proof-of-stake network starting in April, unleashed fresh demand to stake the second largest cryptocurrency. Staking lets crypto owners lock up tokens to participate in securing the network as a validator in exchange for a reward, making it a popular investment among long-term investors including institutional investors.
Some of the filing continues to reiterate Coinbase's already-live public statements, arguing that current SEC Chair Gary Gensler changed his position on the regulator's authority over crypto between taking office in April 2021 and mid-2022; saying the company has asked for regulation; and noting that Congress has started looking at the issue of crypto regulation.
Furthermore, it introduces the prospect of mandatory reimbursement for victims of Authorised Push Payment (APP) scams. APP scams have been a prevalent issue in the UK, with the bill targeting tighter controls on those who approve financial promotions for others, thereby bringing more accountability to the financial ecosystem.