- Ethereum Name Service’s (ENS-USD) ENS crypto is on the rise as the company passes a major milestone
- Already, ENS is surpassing its monthly revenue record
- The service has become a popular way to secure personalized Ethereum (ETH-USD) domains and wallet addresses
Ethereum Name Service (ENS-USD) is in the spotlight today as it reaches a new milestone. The platform, which is quickly becoming one of the most popular services in the blockchain space, is shooting past a previous revenue record. The news shows how the desire for a more personalized blockchain experience is growing.
Ethereum Name Service, or ENS, seeks to eliminate the long, randomized wallet addresses that are currently the norm. There are several issues with these types of wallets. Mostly, they are very difficult to distinguish or remember. Many platforms have failsafes in place to prevent typos from inflicting losses on users. However, it is still annoying to keep track of long strings of numbers and letters.
The company corrects this issue by allowing users to create custom Ethereum wallet addresses. This allows users to slim their address from the typical string of random characters to a simple “firstname.eth” address. Users keep their usernames across networks as well. They don’t have to make a new one each time they go to a different platform. Moreover, the project provides developers with the opportunities to take “.eth” domain names, making it a savvy Web 3.0 player to boot.
ENS Crypto Prices Rise as Ethereum Name Service Shatters Monthly Revenue
Today, eyes are on the ENS crypto as it sees a price boost to the tune of 11%. This is due in large part to ENS shattering through its single-month revenue record with plenty of time left in the month.
Indeed, ENS is reporting revenue of over $8 million for the month of May 2022, with a week to spare still. Moreover, it is breaking a traffic record, with 160,000 unique users utilizing the network this month. According to Decrypt, the traffic is due to OpenSea‘s ENS transaction picking up significantly. In the last 30 days, ENS swaps on OpenSea have generated over $34 million.
The one-month records are reflective of a broader adoption of the company’s services. Users minted over 300,000 new domains and addresses in May. Plus, 13,000 users renewed existing names. One developer says that the network has “reached a critical mass of awareness and adoption.” Indeed, ENS is likely to continue its growth as it thrusts itself further into the mainstream.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.