ENS Domains See Major Increase After "000.eth" Becomes Purchasable
After "000.eth" became purchasable for 300 ETH, ENS domains increased from 152 to 1289 at the end of January 2019. Because the largest amount was paid by an investor/promoter for that specific name: in most cases,
According to ENS data, Ethereum domain name demand surged as the number of registered domains reached 126,141 in just one week.
Developer Nick Johnson created the ENS Dashboard, a data tracker that showed that registrations went from 11,042 to 29,727 over the weekend. This happened during the second-largest .eth domain sale when "000.eth" was bought at 300 Ether (ETH), which is worth around $320,000 at time of sale.
The purchase of ENS boosted the daily revenue of ENS to $684,174 when it was completed. Following this, the registrations for .eth domains peaked at 34,357 on Monday as interest in the sale reached its peak. This placed ENS at the top of Dapp Radar's 7-day NFT sales chart.
ENS has also seen a sharp increase in activity on social media. According to crypto tracker Lunar Crush, the number of posts with the keyword increased by 108.4% within a week.
Ethereum Name Service 1-week activity:— LunarCrush (@LunarCrush) July 6, 2022
Social mentions: 41.71K +69.8%
Social dominance: 2.94% +294.1%
Social engagements: 101.58M +108.4%
More @ensdomains insights: https://t.co/bKTNrlixbm pic.twitter.com/Wa3ZfI1MT6
As Ethereum's average gas fees dropped to $1.57, the number seen back in 2020, the demand for ENS domains soared.
On July 1, the Gray Glacier hard fork that delays the difficulty bomb on Ethereum went live. According to Ethereum Foundation's Tim Beiko, the fork was a success, and all nodes were in sync. Following this, the Sepolia testnet will also be undergoing a merge trial as the Ethereum network prepares to move to a proof-of-stake consensus.
On the same day as the fork, Ether’s price fell by 5%, putting 1 ETH at $1,044. This follows a four-day losing streak for the asset as Ether-focused investment products showed almost $140 million in outflows in June.