Ethereum Name Service metrics hit record highs
The Ethereum Name Service (ENS) domain name system saw a significant increase in popularity during May. Nick Johnson, the service's chief developer, reported this, citing key metrics.
May brought records in every metric — registrations (including returns from previous users), renewals and revenues in ETH and USD. That said, there is still a week to go until the end of the month, — said the specialist.
The last time such high demand for the service was seen at the end of last year and in April, this year.
User activity may have been influenced by lower transaction fees in Ethereum. At the time of writing, the median gas cost is 24 Gwei and a typical transfer costs $1.02 versus $50 or more during periods of high network load, according to Dune Analytics.
You can register an ENS domain of five characters or more for a year for $5. High gas fees can increase the cost several times over, they have a big impact, — Johnson explained to Cointelegraph in a conversation with Cointelegraph.
According to ENS, the record high performance in a downturn in the market allowed the service to accumulate funds for ongoing development and withstand further volatility.
Growth in key metrics has supported the dynamics of the native token. According to CoinGecko, the asset gained 23.4% to $12.71 in the last seven days. This has partially reversed the prolonged decline from ATH's $83.4 achieved in November 2021.