Registrations on the Ethereum Name Service increase by 200 percent as gas prices fall

In just one week, 126,141 people signed up for Ethereum domains through the Ethereum Name Service (ENS).

The ENS Dashboard, a data tracker set up by developer Nick Johnson, showed that registrations went from 11,042 to 29,727, an increase of more than 200 percent. This happened at the second-largest.eth domain auction, when “000.eth” was bought on Sunday for 300 Ether (ETH), which at the time of the sale was worth about $320,000.

When the deal was done, ENS’s daily income went up to $684,174 because of the purchase. After that, the number of people signing up for.eth domains shot up to 34,357 on Monday, when buzz about the sale was at its highest. This put ENS at the top of the 7-day nonfungible token (NFT) sales leaderboard on Dapp Radar.

Social media activity about ENS has also reached new heights. According to the crypto social monitoring site Lunar Crush, the number of engagements with the phrase rose by 108.4% in seven days.

Demand for ENS domains went up at the same time that the average price of gas on Ethereum dropped to $1.57, a level not seen since 2020.

The Gray Glacier hard fork, which puts off Ethereum’s difficulty bomb until July 1, went live on July 1. Tim Beiko from the Ethereum Foundation said that the split went well and that all nodes were in sync. After that, there will be a merge test on the Sepolia testnet in the next few days as the Ethereum network gets ready to switch to proof-of-stake consensus.

On the day of the split, the price of Ether dropped by 5%, making 1 ETH worth $1,044. This comes after the asset went down for four days in a row. In June, investment products focused on Ether lost about $140 million.

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