Monday, May 27, 2024

The Ethereum Name Service has reached a ‘critical mass’ of interes.

Even though the crypto market may be down, the faith of the people in it has not wavered. In May the ETH blockchain reported the highest ever stats that they are recording for renewal, revenue, and new addresses. This comes after most of the cryptocurrencies saw their prices plummeting.

The Lead Developer on the ENS (Ethereum Name Service) said that the new Web 3 services have seen record-breaking numbers. Nick Johnson tweeted about it and also highlighted the fact that there is still a month left in the month of May. He says the main reason for this is the community building offered by the blockchains.

ENS is one of the most popular open-source blockchains that was started in 2017. It allows the users to give their Ethereum wallets a digital identity. Each of the names is an NFT and ends with “.eth”. On top of being unique, it also acts as a cryptographic hash, address, and website URL.

As per Johnson, there have been 304k new registrations and more than 13,000 renewals. Add to that the 3,165.85 ETH that has been generated in revenue. These metrics have outperformed all previous records and they are still continuing to grow.

This means even though the market for crypto might be down, but people’s faith in it has never been higher. ETH also known as the “Bitcoin Killer ” is a more advanced and sophisticated blockchain that lets users have more options than the BTC.

The low gas fees has made it cheaper and easier than ever to get on the ETH blockchain. If you have been planning to get on it, right now is the best time to do so.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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