Over 2.2 million ENS domains were registered by the end of 2022, thanks partly to interfaces with exchanges and business players.
Reasons for success
Despite poor market conditions for the cryptocurrency sector, 2022 proved to be a successful year for Ethereum Name Service, with the platform recording 2.2 million registered domains. Over 80% of all ENS domains registered since the project's beginning, according to the service, were registered in 2022. According to Dune Analytics data (1), ENS has 2.82 million names registered as of January 2 and 630,340 ENS domain owners.
ENS enables users to translate human-readable names like "nick. eth" to machine-readable information, as discussed in an exclusive interview with creator Nick Johnson. Like cryptocurrency URLs and addresses. Users' adoption of ENS names for decentralized profiles that function across decentralized applications and platforms has been the driving force behind the service. ENS domains are nonfungible coins that act as Ethereum wallet addresses, cryptographic hashes, or website URLs (NFTs).
What's to happen next?
As the site grew in popularity, several alliances with significant exchange operators, including Coinbase, came to light. Users will be able to utilize language-based usernames in place of the usual Coinbase bitcoin wallet addresses after the American exchange announced the integration of ENS in September 2022. Coinbase's integration (2) of the service enables users to claim "name. CB.id" identities via the Coinbase Wallet browser plugin, even though the normal ENS domains terminate. Eth. The usefulness of the ENS service was what motivated Coinbase to use it. Using humanly understandable names will make Web3 easier to utilize.
According to data, September 2022 had the most ENS registrations, with 437,000 domains registered. As per the statistics, new sign-ups in 2022 were greatly influenced by the exchange's ENS integration. Low gas costs on the Ethereum network contributed to a spike in. eth domain registrations, making May 2022 another banner month for the service.