Ethereum Name Service Registrations Surge 216% in One Week

Ethereum Name Service (ENS) registration surged over the weekend, with 64,000 .eth names created on Sunday and Monday. Thus, ENS registration reached 126,141 in just one week, indicating a rise in interest in Ethereum domains.

According to the ENS Dashboard, a data tracker built by developer Nick Johnson, registrations increased by over 200% over the weekend, rising from 11,042 to 29,727. This occurred during the second-largest .eth domain sale on Sunday, when "000.eth" was purchased for 300 Ether (ETH), which was valued at roughly $320,000 at the time of sale.

When the acquisition was finalized, ENS's daily income increased as a result of the purchase to $684,174. After then, the number of .eth domain registrations surged to 34,357 on Monday as the sale's buzz reached its peak. Due to this, ENS climbed to the top of the seven-day non-fungible token (NFT) collection sales ranking. 

Over the past week, secondary sales of ENS domain names on OpenSea have skyrocketed by more than 300 percent. With over 6,800 ETH (approximately $7.9 million) in volume traded.

The amount of ENS-related social media activity has also increased significantly. In just seven days, interactions with the keyword surged by 108.4%, according to cryptocurrency social analytics tool Lunar Crush.

The demand for ENS domains also surged because of Ethereum's average gas prices, which dropped to $1.57, a level not seen since 2020.

However, this isn't the first time ENS sales have risen. Three- and four-digit ENS domain names (such as 123.eth or 1234.eth) became popular in April when Twitter users discovered that such domains had a limited availability and made them members of the "10k Club". As a consequence, the ENS generated around $3 million in income in less than a week.