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Ethereum Name Service Posts Third-Highest Monthly Revenue as Merge Approaches

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by Kofi Ansah · 2 min read
Ethereum Name Service Posts Third-Highest Monthly Revenue as Merge Approaches
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The firm also claims it generated more than 99% of the domain sales volume on OpenSea.

The Ethereum Name Service (ENS) posted its third highest month of revenue in August after 2.17 ENS domain names were created on the service.

The Ethereum Name Service oversees the issuance and renewal of .eth domain names built on Ethereum. ENS domains can be connected to a user’s cryptocurrency wallet, enabling recipients of transactions to utilize their .eth domain name rather than provide a lengthy Ethereum address.

Additionally, ENS domains can be sold as non-fungible tokens (NFTs).

The Ethereum Name Service, announcing the latest feat on Twitter, stated that it added 2,744 ETH (around $4.3 million) in revenue, alongside 34,000 new Ethereum accounts using at least one ENS name to its books in August.

The firm also claims it generated more than 99% of the domain sales volume on OpenSea.

The number of ENS domain registrations has also been growing significantly with the END domain ownership, surpassing 1.8 million names, with 378,000 new .eth registrations in July alone.

Even though the firm has downplayed the significance of the impending Ethereum merge, the rise of ETH addresses over the past month will convert the leading blockchain for dapps, DAOs, and NFTs from a proof-of-work to a proof-of-stake consensus mechanism.

The merge, which will see Ethereum go from a proof-of-work to a proof-of-stake system, is scheduled to take place between September 10 and September 20. Ethereum developers have issued a statement to users that there is no need to be concerned, as they are sure that the merger won’t affect app functionality or asset security.

This comes after the long-awaited merge has been delayed for years, with developers often attributing the delay to modifications.

Users have also expressed concerns about replay attacks, given that there is a chance that all digital assets now constructed on Ethereum may be copied when the network merges because a campaign has formed to fork, or split, Ethereum and preserve a different, proof-of-work version of the network.

ETH developers have, however, assured users that the imminent merge is secure and will eliminate all possibilities of such attacks happening.

“There will be no problem with replay attacks,” Ethereum core developer Marius Van Der Wijden told reporters.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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