Technology

Adoption of crypto exchanges drives ENS registrations to more than 2.2M

Notwithstanding adverse market conditions for the cryptocurrency sector, 2022 proved to be a successful year for Ethereum Name Service, with the service recording 2.2 million registered domains.

Over 80% of all ENS domains registered since the project’s beginning, based on the service, were registered in 2022. According to Dune Analytics data, ENS had 2.82 million names listed as of January 2 and 630,340 ENS domain owners.

ENS adoption

ENS enables users to link human-readable names like “nick.eth” to machine-readable data like bitcoin addresses and URLs, as Cointelegraph earlier investigated in an exclusive conversation with founder Nick Johnson.

Users’ adoption of ENS names for decentralized profiles that function across decentralized applications and platforms has been the driving force behind the service. ENS domains are essentially nonfungible tokens that act as Ethereum wallet addresses, cryptographic hashes, or website URLs.

As the site grew in popularity, a number of alliances with significant exchange operators, like Coinbase, came to light. Users will be able to utilize language-based usernames in place of the usual Coinbase bitcoin wallet addresses after the American exchange confirmed the integration of ENS in September 2022.

Coinbase’s integration of the service enables users to claim “name.cb.id” usernames via the Coinbase Wallet browser plugin, even though the normal ENS domains finish with .eth. The usefulness of human-readable names in enhancing the usability of Web3 was the driving force for Coinbase’s implementation of the ENS service.

According to data, September 2022 saw the most ENS registrations, with 437,000 domains registered. According to the data, new sign-ups in 2022 were greatly impacted by the exchange’s ENS integration. Low gas costs on the Ethereum network contributed to a spike in.eth domain registrations, making May 2022 another banner month for the service.

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