One Ethereum-based altcoin is putting up huge rallies over the last seven days in defiance of the broader crypto market downturn.
ENS, the governance token of ETH domain marketplace Ethereum Name Service, has surged from a seven-day low of 14.24 to a seven-day high of $26.50, marking an 86% eruption in just one week.
Ethereum Name Service allows users to create customized Ethereum addresses and Web 3.0 domains in the form of non-fungible tokens (NFT) that can be bought and sold in the secondary market. It also lets crypto traders simplify their wallet addresses from long strings of numbers and letters to names that are easy to remember.
According to the project’s website,
“The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.
ENS’s job is to map human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes and metadata.”
NFT marketplace OpenSea reports that sales for ENS have skyrocketed by a whopping 5,341.61% in the past seven days, suggesting that investors are racing to purchase ETH domain names that have the potential to attract higher bids in the future.
ENS also reveals that interest in .eth registrations has skyrocketed last month, driving up new registrations, fees and protocol revenue.
“April 2022 ENS stats:
– 163,000 new .eth registrations (total ~990,000 names)
– 2,660 ETH in fees (up 900 ETH from prev best month, Nov. 21st)
– ~$7.8 million in protocol revenue (all goes to the DAO)
– 38,000 new ETH accounts w/ at least 1 ENS name (total 387,000).”
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