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Users can establish a distinctive domain name for their wallet address using the well-known Ethereum Name Service (ENS), which enables money transfers to be performed straight to a name rather than an address. Ethereum smart contracts are the foundation of ENS.
Notwithstanding the terrible volatility in the cryptocurrency sector, clocked in at over 2.2 million domain names in 2022. Additionally, this accounted for around 80% of all domains created since its beginning.
As of January 2nd, the Ethereum-based distributed domain name service had registered more than 2.82 million names, according to data from Dune Analytics.
Ether tokens are used to acquire ENS domain names. With the crypto asset’s price falling sharply during the
course of the year, gas fees for network transactions also fell. At various points during the year, this led to an increase in the number of .eth domain name registrations as users took advantage of the cheaper rates.
The trend of ENS in 2022
The year’s first five months saw constant growth in Ethereum Name Service statistics. In May, there was a notable peak in the number of .eth domain registrations. But there was a decline because of the TerraUSD (UST) fall and the subsequent contagion worries that engulfed the market.
But the recovery happened quickly. July beat the previous high point. Soon after, in September, it had a monthly high of 437,365. The Merge might have been a major factor in the uptick in activity.
However, ENS ended the year at its lowest point, with December having the worst performance. More than 52,000 names were generated. The number of monthly registrations, meanwhile, has decreased by 88% since peaking just two months ago.
In order for customers to claim “name.cb.id” usernames using Coinbase Wallet’s browser extension, Coinbase used the ENS service, which was one of the key advantages. The goal was to make it easier for everyone to create a free web3 identity.
GODAddy being sued.
Regaining control of the eth.link domain name was another victory. In its case against domain registrar GoDaddy, the ENS prevailed on an injunction in the US District Court for the District of Arizona in September.
The organisation that owns ENS, True Names Ltd., filed a lawsuit against GoDaddy for allegedly selling the domain name ENS’s eth.link to domain name registrar Dynadot before it had expired. In the case, ENS alleged that GoDaddy had broken the terms of the agreement by failing to “respect, recognise, and protect” the eth.link domain name.