What is Ethereum Name Service (ENS)?

Ethereum Name Service is a safe and decentralized way to convert blockchain addresses into names understandable for humans, you can even use arbitrary emojis for naming, in simpler terms, you can address a wallet that has about 40 characters containinig letters and numbers to your desired name, for example, Ali3n.eth.

Actually, Ethereum Name Service (ENS) is a domain provider built on public blockchain rails. One can think of it a bit like DNS but for a Web3 environment. The service provides public domains on the blockchain similar to how a company like GoDaddy (GDDY) would provide dot com domains for more traditional Web companies.

You can buy your desired ENS domain in 7 simple steps: (click for complete guide)

• Step 1: Open your wallet (such as metamask with some ETH balance)
• Step 2: Navigate to ENS Manager https://app.ens.domains/
• Step 3: Search your desired .eth name and check availability
• Step 4: Select period
• Step 5: Start the registration process
• Step 6: Set a Resolver
• Step 7: Bind your Old Address to your new ENS name

Ethereum Name Service in 2022

The popular Ethereum domain name service celebrated its most successful year so far, noting that 80% of all ENS names in existence were registered in 2022. the fastest registration rate was recorded in September 2022. As the year came to an end, the registration pace slowed down.

Almost a year ago, ENS announced that it was working on adopting Ethereum Layer-2 support. At the end of January 2022, the service had the first version of its off-chain resolution implemented and was ready to be tested by developers. While it’s still unclear when Layer-2 support will be launched, the implementation could result in a new wave of name registrations for ENS.

Dashboard Introduction & Methodology

In this dashboard, I am going to provide a retrospective of ENS in 2022 and also compare statistics vs other years.

So, In this dashboard, we are going to:

• Analyze ENS registrations, renewal and sales.
• Compare ENS registrations, renewals and sales stats in 2022 vs other years.
• Provide some usefull data about ENS NFT sales in 2022.
• Provide some usefull data about ENS Holders.
• Provide some usefull data about $ENS token and its users’ behavior with this token.
• Compare ENS registrations and sales in the first week of 2023 vs first week of 2022.

The main tables that I am going to use for this dashboard are ethereum.core.fact_event_logs & ethereum.core.ez_nft_sales.

Each ENS registrations emits the event ‘NameRegistered’ and the registered domain is visible on event_inputs column. each Renewal action emits the event ‘NameRenewed’.

I have used 3 main contract addresses for this analysis:

1- ENS Registers Controller: 0x283af0b28c62c092c9727f1ee09c02ca627eb7f5 (which is used to identify registered domains)

2- ENS: Base Registrar Implementation: 0x57f1887a8bf19b14fc0df6fd9b2acc9af147ea85 (which is mainly used for most purpose of analysis such as sales, registers, renewals, holdings, etc).

3- $ENS Token: 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72

I have only considered Successfull registrations in this analysis (tx_status = 'SUCCESS')

Also, there is a Date_Trunc field provided above which you can use it to set your desirable time basis in over-time charts (Default: Monthly)

Overall Comparison of ENS in 2022 vs Previous Years

On these charts, we can obviously see that ENS’ assertion was actually true !

As we see, almost 80% (78.2%) of all ENS domains were registered in the year 2022 and the other 20% were registered in the previous 2 years.

The dominance of 2022 is even bigger in terms of NFT sales count and volume. As we see, almost 96% of ENS domain NFTs were traded in the year 2022 and on the other hand 90% of volume of sales was generated during the year 2022.

So, we can obviously say that 2022 was the most successfull year for the ENS.

As we see, almost 1.69M unique domains were registered in 2022 by 388.228k unique signers, while these numbers were way lower in 2021 and 2020. The interesting thing is the high gap between signers and registered domains meaning that a single ENS user tend to sign more and more domains.

We can also see high number of ENS NFT sales in 2022 which is almost 30x more than 2021 and 2020 combined !

Despite higher total volume of sales in 2022, we can see the average and median volume of ENS sales in 2021 were more than sales in 2022 which shows the better optimization of this network in 2022 to the extent that so many users can afford buying/registering new domains (maybe thanks to the bearish situation of the market and also Ethereum’s network optimization)

Overall ENS Stats in 2022

On the above and left, you can see some overall ENS stats in 2022.

As mentioned earlier, there were 1.69M unique domains registered in the year 2022 by 388k unique signers. 96.9k domains were renewed in this year by 39.3k renewers.

The total number of ENS NFT sales in 2022 was 215k that were purchased by 55k unique buyers and sold by 33.7k unique sellers. 218k unique domains (NFTs) were traded via these sales and the total generated volume of these sales were 129.1M USD. Also, the average volume of ENS sales in 2022 was $443 while the median volume was $49.9 and the maximum sale price in this year was 317k USD.

We can also see there were 8.12M USD Fee was generated via these sales.

On the left chart, we can see that majority of ENS domains in 2022 were sold with $10 - $100 price and the second rank belong to the domains that were sold with $100 - $1000 price. There are also 22.1% of ENS domains that were sold with less than $10 price.

On the other hand and in terms of ETH, we can see more than %46 of all ENS domains in 2022 were sold with 0.01 - 0.1 ETH price and 23.3% were sold with 0.001 - 0.01 ETH. There were also almost 7.3% of domains that were sold with more than 1 ETH price.

So, ENS domains in 2022 were not too expensive and so many ppl could afford buying/registering them.

Daily & Over-Time Stats

As mentioned above, in this part, you can set your desirable time basis for over-time charts using the Date_Trunc field provided above (Default and Recommended Time Span: Monthly)

Based on the above data, in an average regular day in the year 2022, there were almost 4640 registered domains in ENS made by 2120 average daily active users. The average daily number of renews in this year was 265 made by 175 unique renewers. Also, the average daily number of ENS NFT sales in 2022 was 590 unique transactions that have generated an average daily volume of 354k $USD.

According to the above charts, May 2022 was the month with the highest number of ENS domain registers and the highest volume from ENS NFT sales were also generated on this month. But, September was the month with the highest numnber of ENS NFT sales in 2022 that the highest number of active traders (buyers & sellers) has also achieved on this month. The average volume of ENS sales was at its highest amount in February 2022 but as time goes and especially during the last months of the year 2022, we can see significant decline in the average volume of ENS NFT sales which can be good news for the users who tend to buy domains from this service. Also, the median volume (that can be related to the domain prices) was at its highest amount in April and January 2022 and as time goes especially during the last months, these numbers has decreased significantly over time.

On the left chart we can see the cumulative number and volume of ENS NFT sales over time in 2022 and as we see, the growth rate if sales count is kinda overtaking sales volume especially during the last months.

Signers / Purchasers Stats

On the left, we can see that an average ENS signer in 2022 have signed almost 4 domains in this year.

But, we can see that majority of signers (more than 66% of them) in this year have registered only 1 domain and the signers with 2-5 registered domains are on the second rank.

There are also 24,156 unique signers (6.22% of all signers in 2022) that have registered more than 10 ENS domains in this year !

According to the left chart, the wallet address 0x8204ec3b6b7597f37b9cdec440a93dcaf1f711d9 is the most active ENS signer in 2022 that have registered 2237 domains in this year !

Based on the left chart, we can see the average length of registered ENS domains in 2022 was 9 characters.

But, we can see the majority of these registered domains (almost 16% of them) had 5 characters in their names and the second popular belong to the domains with 6 characters in their names while the 8 characters domains are on the 3rd rank.

According to the above data, an average ENS purchaser in the year 2022 has done 3.92 purchase transactions in this year and purchased 5.3 domains and spent 2360 USD for purchasing.

But, on the left chart, we can see that more than 53% of ENS purchasers in the year 2022 have spent less than $100 for buying ENS NFTs and the second rank belong to the users with $100 - $500 spent volume.

ENS Marketplaces & Purchasers Crossover With Other NFT Projects

Based on the left charts, the majority of ENS NFTs (more than 96% of them) were sold in the OpenSea marketplace and other makerplaces have a very low share of ENS sales in the year 2022.

According to the left chart, ENS NFT purchasers have the most crossover with Art Blocks NFT project purchasers.

There are also some popular NFT collections suchas The OtherSide, MAYC, Genuine Undead & etc in this list.

Top Domains

According to the above charts, the domain 000.eth was the most expensive sold ENS domain the year 2022 with 317.4888k USD price.

On the other hand, we can see the domain address Aiinidia.eth was traded more than any other ENS domains in this year and the domain address 000.eth has also generated the highest total volume of sales in the year 2022.

As you probably knew, the domain names Paradigm.ETH is the most expensive sold ENS of all time with a huge big difference from all other domains.

ENS Holders

Currenty at the analysis’s date (8th January 2023), there are 628k unique ENS holders in Ethereum network.

The average held ENS domains by a wallet is 4.58 domains.

The majority of holders (almost 70%) hold only 1 ENS domain in their wallet.

The wallet address 0xbd21109e2bdcb24c4fbcdc16a4c90f34e81228e2 is currently the top ENS holder which is holding 20.263k unique ENS in his/her wallet !

The average age of ENS holders’ wallet is 507 days (almost 1.5 years) and we can see the majority of ENS holders have 1 - 1.5 years aged wallets.

The average $USD balance of ENS holders’ wallet is 23.7k USD.

The majority of these holders (almost 30%) have only $10 - $100 balance in their wallet and the second rank with almost 25% of all holders have less than $10 balance in their wallet.

There are only 7.49% of ENS holders that have more than $10,000 balance in their wallet. (can be called “Whales).

$ENS Token

According to the left chart, the wallet that belongs to the ENS: Token Timelock has by far the highest $ENS tokens in itself.

There are also some other known wallet addresses such as ENS DAO Wallet, Binance & OKX Wallets among the top 10 $ENS holders.

On the left chart, I have extracted the top popular destination of $ENS token holders with their $ENS token.

As we see, ENS service itself is by far the most popular destination of these holders.

On the second rank of both terms (users and TX count) we can see Uniswap (Decentralized Exchange) and other DEXs such as Sushiswap, 0x and 1inch are also on the next ranks.

We can also see Metmask (Web3 wallet) among the top destination of $ENS users.

On the left chart, I have visualized the correlation between $ENS token price vs ENS domain sales, sales volume and registered domains in the yaer 2022.

we can not 100% say that there is an positive correlation between $ENS token price and sales and registers in this year but as we see, there is kinda close correlation between sales & registers count in this year.

Comparison of 2023’s First Week’s ENS Registrations and Sales Stats vs First Week of The Year 2022

According to the above charts, ENS registrations during the first 7 days (1 week) of the year 2022 were more popular than the first 7 days of the year 2023 in both terms of number of signed domains and also active signers.

The interesting thing is that despite higher number of registered domains and active signers in the first week of the year 2022, The number and volume of ENS NFT sales in the first week of the year 2023 (in almost all days) was way more than the year 2022.

So, this can be good news for the ENS that 2023 would be even more successful than 2022

Summary and Conclusion

According to the above analysis:

• The year 2022 was the most successful year for the ENS project, almost 80% of all domains were registered in this year and the generated NFT sales volume and count for this project on the year 2022 was way more than 2020 & 2021 combined!
• There were almost 1.7M domains registered in the year 2022 made by 388k unique signers. The total generated volume from ENS NFT sales in this year was almost 130M USD.
• The majority of ENS sales in the year 2022 were done with $10 - $100 volume and the domains price has decreased as time goes on thanks to the bearish market and also Ethereum’s network Optimization so there are more and more users who can afford purchasing ENS.
• Domains with 5 characters in their names were the most popular domains in the year 2022.
• May and September were the 2 months with the highest number and volume of ENS registrations and sales in 2022. The average and median volume of sales during the first months were at their highest amount but as time goes on these metrics has decreased significantly especially during the last months of the year.
• The majority of ENS signers have signed only 1 domain and also the majority of ENS holders are holding only 1 domain in their wallet.
• The domain address 000.eth was the most expensive sold ENS domain in the year 2022 while the Paradigm.ETH domain is the most expensive sold ENS Domain of all time.
• There are currently 628k unique ENS holders. The majority of ENS holders have a 1 - 1.5 years wallet age and have $10 - $100 balance in their wallet.
• There are currently 64k unique $ENS token holders and the majority of them are holding less than 10 $ENS in their wallet.
• Destinations such as ENS, Uniswap and Sushiswap and Metamask were the most popular destination of $ENS token users.
• There was not a positive correlation between $ENS token price and sales and registers in 2022 but there was kinda close correlation between sales & registers count in this year.
• The number of registered ENS domains and also active ENS signers in the first week of 2022 was more than 2023 but on the other hand, The number and volume of ENS NFT sales in the first week of the year 2023 (in almost all days) was way more than the year 2022. So, this can be good news for the ENS that 2023 would be even more successful than 2022.

Discord: Ali3N#8546 Twitter: Alik_110 Email: Alik110.72@Gmail.com

Based on the above charts, the wallet address 0xd06fcd267de8c54da81ddd85d19f342d5dc0ff4d was the most active ENS buyer in 2022 with 972 purchase transactions.

the wallet address 0x0f34b764e0462ef7e0664ca9bb7f6e431e6a958e has by far spent the highest volume for purchasing ENS NFTs in 2022 (more than 2.86M USD)

and the wallet address 0xaa8cdc25e3d1a4c4ee007595a9ca6b77b87f4600 was the most successful ENS trader in 2022 that have gained more than 1.48M USD net profit from buying/selling ENS domains in this year.

According to the above data, there are currently 64.3k unique $ENS token holders and the average balance of these holders is 1556 $ENS.

The majority of $ENS holders (almost 45% of them) are only holding less than 10 $ENS in their wallet and the second rank (27.1%) belong to the holders with 10 - 100 $ENS in their wallet.