Web3 Domain Platform Ethereum Name Service (ENS) Clocked in $235k in Daily Fees: Data

Web3 decentralized domains service provider – Ethereum Name Service (ENS) – raked in $235,000 in fees on August 13. The figure is the highest since September 11, 2022.

Over the past couple of years, ENS has stood as a mainstay within the Web3 realm, enabling individuals to generate easily understandable domain names and wallet addresses for cryptocurrencies.

• According to data from Arkham Intelligence’s dashboard, ENS DAO (0xFe…44b7) holds more than $132.4 million in assets, including 10 million ENS (worth $90.63 million), 15,000 ETH (worth $27.72 million), and 14.13 million in USDC stablecoin.
• The total active ENS names have also exceeded 2.6 million as of August 14th across nearly 740,000 unique addresses.
• The latest development comes a little over a month after the “distributed, open, and extensible naming system” announced plans to tap layer-2 in a bid to enhance scalability and cut costs.
• Earlier this year, ENS also launched a new fiat on-ramp for domain registrations via Web3 fiat payment gateway MoonPay.
• Its rival, Unstoppable Domains, extended support to “.eth” domains in July, allowing users to purchase via the official website.
• With the move, Unstoppable Domains seeks to engage with a fresh audience since the platform typically offers domain endings such as .crypto, .blockchain, .nft, etc., while ENS is the only venue where Ethereum enthusiasts were able to purchase the .eth domain names.
• In order to prevent “naming collisions,” each .eth domain obtained via Unstoppable’s website will be recorded through the ENS smart contract with the same full functionality as other .eth domains.