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

The Ethereum Name Service reported its third highest month of revenue in August, with 2.17 ENS domain names created on the service.

In a tweet announcing the latest milestone, ENS Domains said it added 2,744 ETH (around $4.3 million) in revenue and 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 Ethereum Name Service or ENS manages the issuance and renewal of .eth domain names built on Ethereum. ENS domains can be linked to one’s cryptocurrency wallet, meaning that instead of providing a sender with a long Ethereum address, users can give their .eth domain name to receive a transaction.

ENS domains can also be sold as non-fungible tokens, better known as NFTs, cryptographically unique tokens linked to digital and physical content, showing proof of ownership.

ENS domain registration numbers have been accelerating rapidly. In July alone, ENS Domain ownership surpassed 1.8 million names, with 378,000 new .eth registrations.

While the company has downplayed the role of the upcoming Ethereum merge, the jump in ETH addresses in the last month will switch the top blockchain for dapps, DAOs, and NFTs from a proof-of-work consensus algorithm to proof of stake and cannot be fully discounted.

With the Ethereum merge only days away, the excitement in the cryptocurrency space is palpable. In a case of a rising tide lifting all boats, ENS rival Unstoppable Domains achieved “unicorn” status when crossed $1 billion in valuation after raising an additional $65 million in Series A funding in July.