The popular ethereum naming service celebrated its most successful year yet, noting that 80% of all ENS names in existence will be registered in 2022.
The Ethereum Name Service (ENS), a distributed domain name service based on the Ethereum blockchain, has announced more than 2.2 million new registrations in 2022. The service celebrated its most successful year yet as it became the most widely integrated blockchain naming standard in the market.
The 2.2 million new ENS domains registered in 2022 also represent around 80% of all domains created. According to Dune Analytics, the fastest pace of registrations will be in September 2022, with more than 400,000 new names registered. Registrations slowed as the year drew to a close, with only about 50,000 new names added at the end of December. According to Dune Analytics, this brings the total number of ENS domains created to date to 2.8 million. Data from the platform itself puts the number at around 2.76 million.
2.8 million names belonged to approximately 600,000 unique participants in the ENS naming service, showing that having multiple names has become the norm in the community. The rapid registration rate recorded in September may be the result of Coinbase’s ENS integration. The exchange enabled users to change their wallet usernames to Coinbase ID’s ENS subdomain in late August. According to Coinbase, ENS addresses can be used to send, receive, and trade coins, and are available to both regular and professional users.
At the time, the platform’s native token, ENS, also hit an all-time high of $20.05. The token has fallen sharply since its peak in September, bottomed out during the FTX crash, and is now consolidating around $11.10. Chart showing ENS prices from July 2022 to December 2022.
About a year ago, ENS announced that it was working towards adopting Ethereum Layer 2 support. At the end of January 2022, the service implemented the first version of its off-chain solution and is ready for developers to test. While it's unclear when Layer 2 support will roll out, the implementation could lead to a new wave of ENS name registrations.
