Ethereum Name Service Breaks Records As Its Revenue Tops $8M This Month

ENS lead developer Nick Johnson revealed that registrations, renewals and income have all doubled so far this month.
Image source: ENS

Quick take:

  • Domain renewals are up 55% from April.
  • New and returning users have surpassed 160,000 combined this month.
  • ENS has seen 16,365.7 ETH in sales volume over the last 30 days.

Domain name provider, Ethereum Name Service (ENS), has hit a record-breaking $8 million in revenue this month, according to lead developer Nick Johnson, who tweeted the information today.

Launched in 2017, ENS allows users to register unique domains which are then minted as NFTs on the Ethereum blockchain. Users can register different domain names for websites, wallets, NFTs, or use a single one across different Web3 applications.

The domains can be traded on marketplaces, just like any NFT. The service is governed by a DAO which was launched last year after the ENS tokens were released in November.

There’s still a week left before the month is over but numbers across registrations, renewals and income have almost doubled since April. ENS has seen 304,968 registrations, 13,260 renewals (up 55% from April) and 960.77 ETH in income so far this month. 

Another graph shows that new and returning users combined have surpassed 160,000 this month, another all-time high for ENS. Its recent performance could be attributed to its highest-volume days on OpenSea in the first week of May.

On May 2, ENS saw 2,804.31 ETH in volume on OpenSea and generated $1.95 million of revenue in a single day. As of this writing, has seen 16,365.7 ETH in volume over the last 30 days. In that period, ENS domains were the fourteenth most-traded NFTs on OpenSea. 

Other NFT domain name providers such as Unstoppable Domains and Decentraland Names only generated less than $25,000 worth of combined volume over the last 30 days.

The relatively low gas fees on the Ethereum network today also helped. According to Decrypt, it cost about 35 gwei ($1.09) for a low-priority transaction that would complete in roughly 10 minutes, while it would cost 36 gwei ($1.31) to complete the transaction in three minutes.

The ENS DAO reminded users to take advantage of those low gas fees to register their domain names.

According to ETH Sales Bot, ENS domains that consist of three to four digits and letters are the most coveted, due to their rarity. Only 10,000 of these exist and some have recently sold on the secondary market for up to 90 ETH. Last year, Budweiser purchased the ENS domain name, “beer.eth” for 30ETH.

Several celebrities and influencers in the blockchain space including Paris Hilton (parishilton.eth), Jimmy Fallon (fallon.eth), Coinbase CEO Brian Armstrong (barmstrong.eth), and Ethereum founder Vitalik Buterin (vitalik.eth) have also registered Ethereum domain names to secure their Web3 identity. 

According to data by “andrewshvv” on Dune Analytics, ENS has made over $49 million in total revenue since June 2021. Currently, there are over 1.3 million total domain names created on ENS.

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