{"id":132496,"date":"2021-07-16T17:42:20","date_gmt":"2021-07-16T17:42:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132496"},"modified":"2021-07-16T17:42:20","modified_gmt":"2021-07-16T17:42:20","slug":"ethereum-name-service-ens-accounts-grew-30x-in-4-months-data-shows","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/ethereum\/ethereum-name-service-ens-accounts-grew-30x-in-4-months-data-shows\/","title":{"rendered":"Ethereum Name Service (ENS) Accounts Grew 30x in 4 Months, Data Shows"},"content":{"rendered":"
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There was a tremendous uptake of Ethereum Name Service (ENS) accounts within the community in June, a new report by Etherscan\u2014a block explorer, reveals on July 15.<\/strong><\/p>\n Staggering statistics show that the user base grew by 30X from February to June 2021.<\/p>\n ENS maps and links human-readable addresses with Ethereum addresses, metadata, or content hashes. The solution is a new naming and lookup system that efficiently and quickly links up information to a name, a suitable addition to the digital age.<\/p>\n It has parallel similarities with the Domain Name Service (DNS) that torpedoed internet adoption by linking human-readable accounts with ‘complex’ and machine-identifiable IP addresses.<\/p>\n The provider makes this linkup as decentralized and secure as possible to propel crypto adoption to the masses.<\/p>\n Etherscan attributes the surge in adoption to several factors.<\/p>\n Chief among them was the cyclic bull market of 2020 and 2021, where crypto and Ethereum prices posted incredible gains.<\/p>\n Subsequent performance made crypto assets, most of which were Ethereum-linked, popular, dominating news headlines, driving interest.<\/p>\n The report also pointed out that falling Gas prices also have turbocharged interest and adoption in recent days.<\/p>\n Data shows that there was a direct correlation between uptake and falling Gas prices. The rise of the latter appeared to disincentivize the use of the new blockchain-facing naming system.<\/p>\n Besides, the provider actively promoted the service by distributing free ETH for setting up ENS.<\/p>\n On top of this, the ENS’ innovative naming tags remained attractive to end-users.<\/p>\n Interestingly, while analysts would expect ENS holders to store or associate their easy-to-find addresses with a tiny bit of value, the report notes that account holders are confident.<\/p>\n Cumulatively, they held around $371 million of ETH, wETH, USDC, and UNI.<\/p>\n Given the confidence of account holders and the projected rate of adoption of ENS accounts, Etherscan projects the provider to generate an annualized revenue of $2.3 million.<\/p>\n Earlier on, BTCManager highlighted ENS as one of the most prominent dApps.<\/p>\n<\/span>ENS Accounts Spike 30X in 4 Months<\/strong><\/span><\/h2>\n
<\/span>Dropping Gas Fees, Cyclic Bull Market Drivers for ENS Adoption<\/strong><\/span><\/h2>\n
<\/span>ENS Accounts Linked to $371 Million of Value, Provider to Generate $2.3 million as Annualized Revenue<\/strong><\/span><\/h2>\n
<\/span>Related posts:<\/span><\/h3>\n