Ethereum domains showed an increase in demand with a total of 126,141 Ethereum Name Service (ENS) registrations in just one week.
The ENS Dashboard, a data tracker created by developer Nick Johnson, shows that registrations rose from 11,042 to 29,727, up more than 200% over the weekend. This occurred amid the second largest .eth domain sale when “000.eth” was bought on Sunday at 300 Ether (ETH), which was worth around $320,000 at the time of the sale.
Due to the purchase, ENS’ daily revenue jumped to $684,174 when the sale was completed. After that, .eth domain registrations peaked at 34,357 on Monday as the hype around the sale peaked. This propelled ENS to the top of the seven-day non-fungible token pool (NFT) sales chart in the information tracker Dapp Radar.
Social media activity surrounding the ENS has also reached new highs. According to crypto social tracking platform Lunar Crush, interactions with the keyword increased by 108.4% in seven days.
The increase in demand for ENS domains also occurred as the average gas fee in Ethereum fell to $1.57, a number not seen since 2020.
Related: The Concept and Future of Web3 Decentralized Domain Names
On July 1, the Gray Glacier hard fork, which delays the difficulty bomb on Ethereum, was launched last Thursday. According to Tim Peko of the Ethereum Foundation, the fork was successful, and all nodes were in sync. Next, the Sepolia testnet will also undergo a merger trial in the coming days as the Ethereum network prepares to transition to a proof-of-stake consensus.
On the same day of the fork, the price of Ether fell 5%, making 1 ETH at $1,044. This follows a four-day losing streak for the asset as Ether-focused investment products showed outflows of nearly $140 million in June.
