Ethereum Domain Name Service (ENS) Records Decrease in February Registrations

03/02/2023 06:23 • Metaverse Matters • 103 views

On March 2, according to data from Dune Analytics, the number of registrations of the Ethereum domain name service ENS in February was 40480 (including 14018 primary domain names), setting the record of the lowest number of registrations in a single month so far; The number of new address participants in February was 19653, which also reached the lowest monthly record. Up to now, ENS has created a total of 2790254 domain names (490388 primary domain names) and 661713 participating addresses.

In February, the registration volume of Ethereum domain name service ENS hit the lowest monthly record so far

Analysis based on this information:

The Ethereum Domain Name Service (ENS) has recorded its lowest monthly registrations in February, according to data from Dune Analytics. ENS is a decentralized domain name service that enables users to register human-readable domain names with Ethereum addresses. The service aims to simplify the process of sending and receiving Ethereum payments by allowing users to use names instead of long and complicated addresses.

In February, the number of registrations on ENS was 40,480, which includes 14,018 primary domain names. This record reflects a significant decrease compared to previous months, and it could be attributed to several factors. Firstly, the rise of alternative domain name services that are more user-friendly, fast, and secure. Secondly, the decline in Ethereum’s price and popularity that affected most of the blockchain-based services which resulted in a decrease in the number of users interested in using ENS.

Moreover, the number of new address participants in February was 19,653, which also reached the lowest monthly record. This data indicates that the number of new Ethereum users is falling or not being attracted to the ENS service. As of now, ENS has a total of 2,790,254 domain names, 490,388 of which are primary domain names. The total number of participating addresses is 661,713.

ENS has been gaining significant traction among blockchain users since its launch, and it’s been seen as a critical infrastructure for the Ethereum ecosystem. Nevertheless, the recent record signals a change in users’ behaviors, which could lead to a decline of ENS demand and adoption. To maintain its position, ENS needs to improve its user interface and user experience to make it more accessible, robust, and competitive. Also, ENS needs to enhance its marketing and promotions to attract more users to its service.

In conclusion, the Ethereum Domain Name Service recorded its lowest monthly registrations in February, reflecting a change in users’ behaviors in the blockchain industry. The data shows that ENS is facing challenges and needs to enhance its user interface, user experience, marketing, and promotion if it wants to remain competitive in the marketplace.

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