ENS Registered More Than 2.2 Million New Names In 2022
In its New Year announcement, the Ethereum Name Service (ENS) revealed that it had registered more than 2.2 million new names in 2022. This incredible growth is a testament to the utility of the Ethereum Name Service.
The ENS has opened up the Ethereum network to a much wider audience by providing a secure and easy-to-use platform for registering domain names. The announced 2.2 million registration is the highest recorded by the network since it launched, contributing well over 80% of the total ENS domain created since the project’s inception in 2022.
This feat positions the platform at the top of the integrated blockchain naming standards market. According to the on-chain data from Dune Analytics, the fastest recorded registration was in September 2022, with more than 400,000 new users.
However, the number of registrations declined toward the end of the year, closing with 50,000 new users in December. According to the Dune Analytics Data, this result placed the total number of names registered at 2.8 million.
Although, the ENS platform reports that it has 2.76 million ENS registrations. It is also important to note that the 2.8 million names are from about 600,000 users of the ENS service, suggesting that having multiple names has become a standard in this sector.
Factors Contributing To The Upsurge Of ENS Registrations
The growth in ENS registrations is due to the increasing demand for decentralized names and addresses. With the Ethereum blockchain becoming more popular, developers are looking for ways to make their apps easier to use and access.
ENS provides users with an easy way to remember and identify blockchain addresses, making them more accessible and user-friendly. Moreover, the Coinbase ENS integration in late August is key to the rapid rise in the number of registrations recorded by the platform in September.
This integration allows users to change their wallet username to an ENS subdomain of Coinbase ID. The ENS address, according to Coinbase, will be available to both regular and pro users, and users can send, receive, and trade coins using the address.
Furthermore, the increasing popularity of DeFi protocols has also driven demand for ENS registrations. DeFi projects need to register a domain name to make it easier for users to access their apps.
With more DeFi protocols coming to market, the demand for ENS names will continue to grow. As we move into 2023, there will be more ENS registrations as the platform promises more exciting features.
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