The price of Ethereum Name Service (ENS) increased by 67 percent in July as a result of this record achievement
Ethereum Name Service, a prominent Ethereum-based domain registration service, has announced a historically high number of new registrations for the month of July. According to data collated by the service’s developer and published on the crypto portal Dune, the number of new Ethereum Name Service (ENS) domain names registered in July was 378,000, breaking the previous record of 365,000 established in May and setting a new all-time high. The monthly revenue for Ethereum Name Service in July was $5.75 million for new registrations and $1.1 million for renewal domains.
To date, 1.87 million ENS names and 508.43 thousand unique addresses have been created. The overall value of all registrations is 28,172 ETH, which is approximately $47 million. The overall cost of updated ENS names approaches 5.320 ETH, or $7.75 million.
ENS has increased by 67 percent in a month.
Following Ethereum Name Service’s record highs in registrations and income, the platform’s native coin, ENS, also attracted attention. The cryptocurrency, which serves as the service’s governance token and has a direct impact on domain pricing, grew by 67 percent in July.
ENS is currently trading at $14.6, having recovered somewhat from a sustained slump from $80 per token, and has reacted quickly to the recent greening of the overall crypto market. However, for a project that is one of the top NFT issuers, and ENS domain names are NFT, the coin appears to be significantly discounted.
Given the growing popularity of the NFT sector, as well as the demand for domain names on Ethereum, it is safe to predict that after the market rebounds from the correction and investors regain their appetite for risk, the ENS token will be able to return to the heights from which it has fallen.