Ethereum Name Service Confirms $4.7M In Monthly Revenue As Merge Approaches

The Ethereum Name Service (ENS) reported its third-best income month in August, with 2.17 million domain names registered on the service.

That's $4.7 million in revenues, with the protocol's long-awaited merge just a few days away. According to the announcement:

• ENS Domains added 34,000 new Ethereum accounts using at least one ENS name to its records and earned 2,744 ETH (about $4.3 million) in income.
• The company is responsible for more than 99% of OpenSea's domain sales.
• The .eth domain names built on Ethereum are issued and renewed by the ENS.
• In order to accept a transaction, users can use their .eth domain name rather than their lengthy Ethereum address because ENS domains can be connected to cryptocurrency wallets.

Additionally, ENS domains may be purchased as non-fungible tokens (NFTs), which are cryptographically distinct tokens tied to both digital and tangible forms of information and serve as ownership documents.

The number of ENS domain registrations has been growing quickly. With 378,000 new .eth registrations in July alone, ENS Domain ownership topped 1.8 million names.

The rise of ETH addresses over the past month will convert the leading blockchain for dapps, DAOs, and NFTs from a proof-of-work consensus mechanism to a proof-of-stake one, even as the entity continues to downplay its significance.

Unstoppable Domains, a competitor of ENS, reached "unicorn" status when its valuation surpassed $1 billion after securing an additional $65 million in Series A investment in July.