The year 2022 has been the worst one for the crypto industry as the price of almost all cryptocurrencies decreased as much and reached new lows, and several crypto firms collapsed, including the notable FTX, which was once the biggest crypto exchange in the world and now is nothing. However, despite unfavorable market conditions for the cryptocurrency industry, 2022 proved to be a fruitful year for Ethereum Name Service, which recorded more than 2.2 million registrations.
On the 1st of January, in a tweet, Ethereum Name Service claimed that more than 2.2 million ENS names were registered in 2022, which is 80% of the total ENS domains created since the inception of project were registered in 2022. According to data from Dune Analytics, ENS has around 2.82 million names registered as of the 2nd of January, 2023. The data also revealed that there were 630,340 owners of ENS domains.
In a previous interview with Cointelegraph, Nick Johnson, the founder of Ethereum Name Service, claimed that ENS allows users to map human-readable names such as nick.eth to machine-readable information such as cryptocurrency addresses and URLs. This service has been driven by users adopting ENS names for decentralized profiles that work across decentralized platforms and applications. ENS domains serve as Ethereum wallet addresses, website URLs, and cryptographic hashes.
Due to its features and its popularity, the ENS service saw several partnerships with major crypto firms, such as with Coinbase, the largest cryptocurrency exchange in America, in September 2022. With this partnership, Coinbase allows its users to replace traditional Coinbase crypto wallet addresses with language-based usernames. The adoption of the ENS service by Coinbase was driven by the utility of human-readable names, a move to make Web3 more user-friendly.
And according to data from Dune Analytics, in September, the time when Coinbase partnered with the ENS, more than 437,000 domains were registered, which was the largest number of ENS registrations created in 2022.
