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Ethereum Name Service (ENS) Recorded Over 80% of All Time Registrations in 2022
More than 2.8 million Web3 domain names were created using the blockchain-based naming protocol known as ENS (Ethereum Name Service) by the end of 2022.
According to this dashboard created on the analytics platform, Dune Analytics, more than 630,000 unique wallets created 2.82 million domain names, with 459,000 of those classified as ‘primary names.’
The 2.82 million figure represents over 80% of all registrations since the service started in 2017.
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.
We can also see that September 2022 saw the most ENS registrations at more than 430,000 unique domains, while December 2022 recorded the lowest at just 52,000 domains. The month of May 2022, however, saw the most new users at more than 64,000.
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask.
ENS
The goal of Ethereum Name Service (ENS) is to make the Ethereum-based web easier to access and comprehend for humans – similar to how the Internet’s Domain Name Service (DNS) makes the internet more accessible by providing .com names for websites in place of numeric internet-protocol addresses.
Like DNS, ENS also uses a system of dot-separated hierarchical names called domains with domain owners fully controlling their sub-domains. The service provides users with an easily readable name such as ‘abc.eth’ instead of a complex, long-form alphanumeric address for their crypto wallets.
As such, users get to link these names also to their wallets and they can then use them for transactions across the blockchain including the purchasing of NFTs and participating in DeFi. The names can also be purchased as non-fungible tokens (NFTs).