Ethereum Title Service registrations surge by 200% amid decrease fuel charges

Ethereum domains confirmed a rise in demand as Ethereum Title Service (ENS) registration totaled 126,141 registrations in only one week. 

The ENS Dashboard, a knowledge tracker created by developer Nick Johnson, shows that registrations went from 11,042 to 29,727, increasing over 200% during the weekend. This happened amid the second-largest .eth domain sale when “000.eth” was bought on Sunday at 300 Ether (ETH), which was worth around $320,000 at the time of sale.

Because of the purchase, ENS’s daily revenue jumped up to $684,174 when the sale was completed. Following this, the registrations for .eth domains peaked at 34,357 on Monday as hype over the sale reached its climax. This pushed ENS to the top of the seven-day nonfungible token (NFT) collection sales chart at information tracker Dapp Radar.

Social media activity surrounding ENS has also reached new highs. According to crypto social tracking platform Lunar Crush, engagements with the keyword increased by 108.4% within seven days.

The surge in demand for ENS domains additionally occurred as Ethereum’s common fuel charges fell to $1.57, a quantity that has not been seen since 2020.

Associated: The idea and way forward for decentralized Web3 domains

On July 1, the Grey Glacier exhausting fork, which delays the issue bomb on Ethereum, went dwell final Thursday. In line with Ethereum Basis’s Tim Beiko, the fork was a hit, and all nodes had been in sync. Following this, the Sepolia testnet may also be present process a merge trial within the coming days because the Ethereum community prepares to maneuver to a proof-of-stake consensus.

On the identical day because the fork, Ether’s worth fell by 5%, placing 1 ETH at $1,044. This follows a four-day shedding streak for the asset as Ether-focused funding merchandise confirmed nearly $140 million in outflows within the month of June.