Ethereum Name Service Sees Increase in Trading

There is a growing interest in the Ethereum Name Service (ENS) among those investing in cryptocurrencies. ENS is being seen as an investment option and holding asset. ENS selling has accelerated after an interesting ENS ‘000.eth’ was bought for 300 ETH last week.

Dune Analytics, which tracks ENS, reported that daily registrations for ENS have also increased. This reached over 30,000 new addresses on 4 July and over 20,000 new addresses on 7 July. As a decentralized domain protocol, ENS provides an easily readable crypto wallet address instead of a complex and long alpha-numeric address. These addresses are also being traded in large numbers on the virtual assets marketplaces. For example, there are approximately 1.5 million ENS domains listed on OpenSea, the marketplace for non-fungible tokens (NFTs), and of these, approximately 4,45,000 ENS domains are already owned.

CoinDesk quoted Chains.com founder and CEO Anderson McCutcheon as saying in a report, “The reason for interest in ENS is the greater knowledge and ease of trading. The chances are high.” Any individual or firm holding an ENS is able to receive cryptocurrencies and other blockchain-based assets. The fall in ETH and gas prices over the past few months has also led to an increase in the number of people buying and exchanging ENS addresses.

The price of Bitcoin, the largest cryptocurrency by market capitalization, touched a high of nearly $69,000 in November last year. Since then, bitcoin has fallen sharply and its price has come down to around $20,400. Chivo, the official crypto wallet of El Salvador, which legalizes bitcoin, has processed remittances worth around $52 million so far this year. Many citizens of El Salvador work abroad and send funds to their family members. Chivo Wallet service was launched in September last year.

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