In May, the popularity of the Ethereum Name Service (ENS) domain-name system rose substantially. The service’s lead developer, Nick Johnson, said this, citing key metrics.
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 has brought records for every metric — registrations (including for returning users), renewals and revenues in ETH and USD. And there is still a week left in the month,”, — the specialist said.
The last time such strong demand for the service was observed was at the end of last year and in April this year.
User activity may have been influenced by the fall in Ethereum transaction fees. At the time of writing, the median gas cost stands at 24 Gwei, and a regular transfer costs $1.02, compared with $50 or more during periods of high network congestion, according to Dune Analytics.
“You can register an ENS domain of five or more characters for $5 a year. High gas fees can increase the cost severalfold; they have a significant impact”, — Johnson explained in an interview with Cointelegraph.
According to an ENS representative, the record-high metrics amid a market downturn allowed the service to accumulate funds for ongoing development and withstand further volatility.
Growth in key metrics supported the momentum of the native token. According to CoinGecko, over the past seven days the token rose 23.4%, to $12.71. This has allowed a partial rebound from an all-time high (ATH) of $83.40 reached in November 2021.
Earlier, Ethereum developers спрогнозировали переход на алгоритм консенсуса Proof-of-Stake в августе.
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