Over 2,2 million new registrations were made in 2022, as reported by the Ethereum Name Service (ENS), a distributed domain name service built on the Ethereum blockchain.
The service enjoyed its most prosperous year ever, becoming the most widely adopted blockchain name standard on the market.
The 2,2,000,000 new ENS names that will be registered in 2022 represent over 80% of all domains ever created. The fastest registration rate, according to Dune Analytics, occurred in September 2022, when over 400,000 new names were registered. As the year came to a close, the rate of registration slowed, with approximately 50,000 new names being added in December.
This brings the total number of ENS names created to 2.8 million, per Dune Analytics. According to data from the platform, this number is approximately 2.76 million.
The 2.8 million names are associated with approximately 600,000 unique users of the ENS naming service, indicating that having multiple names is now the norm in the community.
The high registration rate in September could be attributed to the integration of ENS by Coinbase. The exchange enabled users to change their wallet usernames to an ENS subdomain of Coinbase IDs at the end of August. According to Coinbase, the ENS address can be used to send, receive, and exchange coins, and it will be accessible to both novice and expert users.
Simultaneously, the platform’s native token ENS reached a record high of $20.05. Since its high in September, the token’s price has fallen dramatically, bottoming out during the FTX collapse, and has since stabilized at roughly $11.10.
The graph depicts the ENS pricing between July and December of 2022. (Based on CryptoSlate)
Almost a year ago, ENS announced that it was implementing Ethereum Layer-2 support. The service had completed the first iteration of its off-chain resolution and was ready for developer testing by the end of January 2022. The deployment may result in a new wave of ENS name registrations, although it is unknown when Layer-2 functionality will be available.