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During May, the popularity of the Ethereum Name Service (ENS) domain name system increased significantly. This was reported with reference to the main metrics by the chief developer of the service Nick Johnson.
May is now an All Time High for every single ENS metric we track — registrations, renewals, revenue (ETH & USD) and income (ETH & USD).
And there’s still a week of May left.
— nick.eth (@nicksdjohnson) May 22, 2022
“May brought records for every indicator – registrations (including returns of previous users), extensions and revenues in ETH and USD. At the same time, there is still a week left until the end of the month. “, — said the specialist.
The last time such a high demand for the service was observed at the end of last year and April this year.
User activity could be affected by a decrease in transaction fees in Ethereum. At the time of writing, the median cost of gas is 24 Gwei, and a regular translation costs $ 1.02 versus $ 50 and above during periods of high network load, according to Dune Analytics.
“You can register an ENS domain of five or more characters for a year for $5. High gas charges can increase the cost several times, they have a big impact,” Johnson explained in an interview with Cointelegraph.
According to the representative of ENS, record high performance in the conditions of recession in the market allowed the service to accumulate funds for current development and withstand further volatility.
The growth of key metrics supported the dynamics of the native token. According to CoinGecko, over the past seven days, the asset has risen in price by 23.4%, to $ 12.71. This made it possible to partially win back the protracted fall from ATH at $83.4 reached in November 2021.
Recall, the developers of Ethereum predicted the transition to the Proof-of-Stake consensus algorithm in August.
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