According to new research published on July 15 by Etherscan, a block explorer, there was a massive uptake of Ethereum Name Service (ENS) accounts in the community in June.
The user base increased by 30X from February to June 2021, according to staggering data.
Human-readable addresses are mapped and linked to Ethereum addresses, metadata, or content hashes using ENS. The solution is a new naming and search system that easily and rapidly matches data to a name, making it an appropriate complement to the digital age.
It bears a striking resemblance to the Domain Name Service (DNS), which stymied internet adoption by tying human-readable accounts to “complex” and machine-identifiable IP addresses.
The supplier strives to make this connection as decentralized and secure as possible in order to increase crypto adoption among the general public.
Several factors, according to Etherscan, have contributed to the increase in adoption.
The cyclic bull market of 2020 and 2021 was the most notable, with Bitcoin and Ethereum values skyrocketing.
Following that, crypto assets, the majority of which were Ethereum-linked, became prominent, dominating news headlines and generating curiosity.
Falling gas prices have also boosted interest and adoption in recent days, according to the survey.
There was a direct association between uptake and lowering gas prices, according to data. The rise of the latter appeared to make the usage of the new blockchain-based naming system less appealing.
Furthermore, the supplier actively pushed the service by giving away free ETH to anyone who set up ENS.
Furthermore, end-users were drawn to the ENS’ novel naming tags.
Surprisingly, while experts expect ENS account members to store or connect their easy-to-find addresses with a smidgeon of value, the research indicates that account holders are confident.
They had roughly $371 million in ETH, wETH, USDC, and UNI in total.
Etherscan estimates that the provider will generate $2.3 million in annualized revenue based on account holders’ confidence and the predicted rate of adoption of ENS accounts.