ENS New Domain Registrations Drop 30% in June

IconCryptoNewsTerminal Staff08 Jul, 2024

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ENS New Domain Registrations Drop 30% in June

The number of new domain registrations on the Ethereum Name Service (ENS) in June decreased by 30% compared to the previous month, recording 20,131. This decline follows a trend of decreasing ENS registrations since the second quarter of this year, with 47,704 in April and 28,949 in May. The reasons for this decline are not entirely clear, but it may be related to the overall downturn in the cryptocurrency market. However, despite the decline in new registrations, ENS remains a popular service, with over 2.6 million registered domains. ENS is a decentralized naming system that allows users to create human-readable names for their Ethereum addresses. This makes it easier to send and receive payments, and to interact with decentralized applications (dApps). ENS is also used to create decentralized websites, which are not subject to censorship or downtime. Despite the recent decline in new registrations, ENS remains a promising project with a strong community. The service is likely to continue to grow in popularity as the cryptocurrency market recovers and more people adopt decentralized technologies.

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