In a recent upgrade, the Ethereum Name Service (ENS) collaborated with Coinbase to add human-readable cb.id domains. Through this collaboration, anyone with an Ethereum wallet would be able to generate an NFT consisting of a string of letters that could replace their alphanumeric blockchain address.
This collaboration between ENS and Coinbase could revive some of the declining interest in the ENS domain network.
Interest in ENS drops
The monthly decline in the number of new addresses added to the network is indicative of waning interest in ENS. At the time of publication, Dunn Analytics reported that the monthly addition of new addresses to the ENS network had decreased from 22,914 to 12,000.
However, not only new customers stopped using ENS domains; established users also ceased utilizing the domain service as frequently as before. The fact that fewer domains have been renewed in recent days demonstrates this.
ENS still ahead of its competitors
Despite these challenges, ENS registered more names than its competitor, Unstoppable Domains. This may be because ENS has more advanced features and functionalities than its competitor.
Nonetheless, the ENS token was gaining increasing popularity. This was indicated by the rising amount of ENS tokens. Last month, the amount of ENS tokens increased from 10 million to 48.67 million, according to data from Santiment.
During this time, its speed also increased, suggesting that ENS was transferred between addresses more frequently.
During this time, however, the network’s expansion stalled. This demonstrated that fresh addresses were losing interest in the cryptocurrency over time. However, at the time of publication, ENS cost $13.70. It had risen by 5.1% in the previous twenty-four hours.