ENS Reports $31M in Revenue Despite Market Downturn
The Block Research Analyst, Brandon Kae, covers Web3 projects like Ethereum Name Service.

ENS Reports $31M in Revenue Despite Market Downturn

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Published Jul 17, 2024
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The Ethereum Name Service (ENS) simplifies blockchain identity management by allowing alphanumeric Ethereum addresses to adopt human-readable names with a “.eth” suffix.

ENS allows alphanumeric Ethereum addresses to adopt human-readable names with a “.eth” suffix.

Over the past three months, ENS registration and renewal rates have declined, with average weekly rates dropping from ~11K in April to 4.7K in June 2024. This decline is largely due to poor market conditions.

Despite this, ENS's financial performance remains strong. The protocol generated over $31M in revenue from domain registrations and renewals in the past twelve months, with profits exceeding $25M.

ENS generated over $31M in revenue from domain registrations and renewals in the past twelve months, with profits exceeding $25M.

This financial success is attributed to robust registration activity and positive sentiment towards ETH and related investments, highlighting ENS’s resilience in the face of market fluctuations.

Explore The Block Research's detailed report on Ethereum Name Service by analyst Brandon Kae. Access this in-depth analysis with a trial subscription to The Block Pro, your source for expert insights and cutting-edge blockchain research.

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