##Overview of the Ethereum Domain Name Service (ENS)

On March 24th, according to the latest data from Dune Analytics, the number of primary domain names in the Ethereum Domain Name Service (ENS) has exceeded 500000, reaching 500880 at the time of writing. Currently, the total number of active ENS domain names is 2769381, and the number of participating addresses is 671665. The Primary Name allows the user’s Ethereum address to point to an ENS domain name, helping users find and display the ENS domain name when connecting to DApp using their Ethereum account. This domain name must be set by the user himself and will not be automatically generated during registration. According to NFTgo data, the total trading volume of ENS has reached 214.61 million US dollars, with a market value of approximately 100.32 million US dollars.

The number of ENS main domain names has exceeded 500000

In recent times, the Ethereum Domain Name Service (ENS) has experienced a significant growth in the number of primary domain names. As of March 24th, the number of primary domain names in the ENS has exceeded 500,000, with the total number of active ENS domain names being 2,769,381 and the number of participating addresses being 671,665. This ENS domain name is used to make it easier for users to find and display their Ethereum address when connecting to DApps. In this article, we will discuss the growth and importance of ENS, how it works, and its trading volume.

What is ENS?

ENS or Ethereum Name Service is a domain name service that uses Ethereum blockchain technology. It simplifies how users access the Ethereum network, such as making it easier to send Ether or DApp tokens. ENS offers permanent, human-readable, decentralized Ethereum address names in correspondence to standard domain names that software applications use to identify a particular network resource.

How Does ENS Work?

ENS works by converting hex addresses to human-readable names or vice versa. Like regular domain names, ENS also uses a hierarchical structure, where each domain name has a parent domain, and each parent domain owns several subdomains. In the case of the ENS, each Ethereum address is considered a domain. Users can use a particular Ethereum address to register a domain name, and the domain name resolution works through smart contracts.

The Growth and Importance of ENS

ENS has seen significant growth since its inception, with over 500,000 primary domain names registered as of March 24th, 2021. The primary domain name is the name assigned by the user themselves, different from the subdomains that can be created under each primary domain name.
ENS is important to the Ethereum community because it allows users and businesses to have a consistent and memorable way to receive payments on the platform. It also reduces human errors associated with transacting on Ethereum: if someone is sending funds to your Ethereum address, they no longer need to type out the entire hex address, which is challenging to memorize and is prone to errors. Instead, they could simply send funds to an easier-to-remember domain that directs to your Ethereum address.

Trading Volume of ENS

According to NFTgo data, trading volume of ENS has reached 214.61 million US dollars, with a market value of approximately 100.32 million US dollars. ENS has gained significant attention in the crypto space and is expected to continue its growth following its early success.

Conclusion

ENS has experienced significant growth since its inception, with its primary domain names surpassing the 500,000 mark as of March 24th, 2021. The use of the ENS domain name allows for memorable and consistent ways to receive payments on the Ethereum platform while reducing human errors associated with transacting on Ethereum. ENS has also seen substantial trading volume, and it is expected to grow in the future.

FAQs

Q: Can anyone register an ENS domain name?
A: Yes, anyone with an Ethereum address can register an ENS domain name.
Q: How long can I keep an ENS domain name?
A: ENS domain names are permanent and do not expire.
Q: How much does it cost to register an ENS domain name?
A: The cost of registering an ENS domain name varies by registrar and can range from a few dollars to hundreds or even thousands of dollars.