ENS Domain Registrations Surge Even as Token Plummets

May was a record-breaking month for Ethereum Name Service domains.

More than 356,652 ENS domains were registered in May, double the previous record, according to Dune Analytics. That means customers are continuing to establish domains with the .eth address even though crypto is in the grip of a bear market.

Even so, ENS’ token has lost half its value in the last 30 days compared to a 36% drop in Ether.

Censorship Resistance

ENS domains are NFTs that allow users to connect a ‘.eth’ domain name to cryptocurrency wallet addresses. This makes it easier to use cryptocurrency wallets by allowing its owner to request payments to a simple ‘.eth’ domain name that can be easily read by humans, rather than sharing an 64-character alphanumeric code. 

The service is akin to the internet’s Domain Name System, which allows users to access websites via simple domain names instead of typing in the specific IP address of each website they wish to visit. ENS domains are built on decentralized smart contracts, meaning they offer greater censorship resistance and privacy than the internet’s DNSconventional domains. 

Treasury

ENS celebrated its impressive month on Twitter. The team flagged that the ENS DAO accrued a record $9.6M in revenue through registration fees during the month, and that 10,500 ETH worth of NFTs changed hands on OpenSea. The ENS DAO treasury now holds $858M in assets.

According to DappRadar, 64,634 unique wallets trading ENS domain NFTs drove $21.2M in volume over more than 274,000 trades during the past 30 days. ENS ranks as the top Ethereum-based NFT project by number of traders and sales, and the 17th-largest collection by volume.

Original Post :- https://thedefiant.io/ens-record-breaking-month/