Ethereum domains saw an increase in demand as Ethereum Name Service (ENS) registrations hit 126,141 in just one week.
ENS Dashboard, a data tracker built by developer Nick Johnson, saw signups jump from 11,042 to 29,727, up more than 200% over the weekend. It happened during the second largest sale of the .eth domain, when “000.eth” was bought on Sunday for 300 Ether (ETH), which was worth about $320,000 at the time of the sale.
Due to the purchase, ENS’ daily income jumped to $684,174 when the sale was completed. After that, .eth domain registrations peaked at 34,357 on Monday, when the hype around the sale was at its peak. This propelled ENS to the top spot in the 7-Day Non-Fungible Token (NFT) sales chart on the Dapp Radar information tracker.
Social media activity around ENS also hit a new high. According to cryptocurrency social tracking platform Lunar Crush, keyword engagement increased by 108.4% in seven days.
Ethereum name service activity for 1 week:
Mentions in social networks: 41.71 thousand + 69.8%
Social dominance: 2.94% +294.1%
Social obligations: 101.58 million +108.4%
More info @ensdomains: pic.twitter.com/Wa3ZfI1MT6
— LunarCrush (@LunarCrush) July 6, 2022
The surge in demand for ENS domains also came when the average Ethereum gas fee dropped to $1.57, which was only seen in 2020.
Related: Concept and Future of Web3 Decentralized Domain Names
On July 1 last Thursday, the Gray Glacier hard fork was launched, which delays the difficulty bomb on Ethereum. According to Tim Beiko of the Ethereum Foundation, the fork was successful and all nodes were in sync. After that, the Sepolia testnet will also undergo a trial merge in the coming days as the Ethereum network prepares to move towards a Proof-of-Stake consensus.
On the same day as the fork, the price of Ether dropped by 5%, leaving 1 ETH at $1,044. This follows a four-day losing streak for the asset as Ether-focused investment products saw an outflow of nearly $140 million in June.