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Crypto exchange adoption increases ENS enrollments to over 2.2M

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Ethereum Name Service (ENS) had 2.82 million names registered as of January 2 and 630,340 ENS domain owners.

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As of the end of 2022, the Ethereum Name Service had registered more than 2.2 million ENS domains, mainly due to integrations with exchanges and industry players.

Despite the challenging market situation for the crypto sector, 2022 turned out to be a successful year for Ethereum Name Service, with the platform registering 2.2 million registered domains.

The service reports that 2022 marked the registration of more than 80% of the ENS domains created overall since the project's launch. According to Dune Analytics data, ENS had 2.82 million names registered as of January 2 and 630,340 ENS domain owners.

ENS enables users to map human-readable names like "nick.eth" to machine-readable information like cryptocurrency addresses and URLs.

Users who use ENS names for decentralized profiles that operate across decentralized applications and platforms have fueled the service. ENS domains function as Ethereum wallet addresses, cryptographic hashes, or website addresses and are therefore, in essence, nonfungible tokens (NFTs).

Several alliances with significant exchange operators, like Coinbase, came to light due to the service's increasing popularity. In September 2022, the American exchange announced the integration of ENS, which would allow users to replace traditional Coinbase cryptocurrency wallet addresses with language-based usernames.

Users can claim "name.cb.id" usernames using the Coinbase Wallet browser extension even if the default ENS domains end with .eth due to Coinbase's integration of the service. The advantage of using human-readable names in creating Web3 that is more user-friendly is what led Coinbase to implement the ENS service.

According to the data, September 2022 recorded the highest ENS registrations, with 437,000 domains registered. The data shows that new sign-ups in 2022 were strongly affected by the exchange's ENS integration. Low gas fees on the Ethereum network resulted in a spike in .eth domain registrations, making May 2022 another amazing month for the service.

 ALSO READ- Coinbase concurs to $100M settlement with NY regulator

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