ENS attempts to revitalize dwindling interest through Coinbase
- ENS partnered with Coinbase, adding human readable cb.id domains.
- ENS token volume and velocity increase, despite declining interest in ENS domain.
In a recent update, ENS (Ethereum Name Service) partnered with Coinbase to add human-readable cb.id domains to its platform. This partnership would allow anyone with an Ethereum wallet to mint a group of letters as an NFT to be used in place of their alphanumeric blockchain address.
This collaboration between ENS and Coinbase could potentially re-generate the dwindling interest in the ENS domain network.
Read ENS’ Price Prediction 2023-2024
Still, a long way to go
One of the indicators of the declining interest in ENS was the number of new monthly addresses on the ENS network which decreased. According to data provided by Dune Analytics, the number of monthly new addresses on the ENS network fell from 22,914 to 12,913 at press time.
This decline in new monthly addresses was also reflected in the number of monthly registrations on the ENS network, which also took a hit.
But it wasn’t just new users who were losing interest in ENS domains, in fact, current users began to lose enthusiasm for the domain service too. This was showcased by the decreasing amount of domain renewals in the past few days.
Holders continue to accumulate
Despite these factors, ENS continued to outperform its competitor, Unstoppable Domains, in terms of domain registrations. This could be attributed to the fact that ENS offers more advanced features and functionalities compared to its counterpart.
However, interest in the ENS token was steadily increasing. This was implied by the growing volume of the ENS token. According to data provided by Santiment, the volume of the ENS token increased from 10 million to 48.67 million over the last month.
Its velocity also increased during this period, suggesting that the frequency with which ENS was being exchanged amongst addresses had increased.
Realistic or not, here’s ENS’ market cap in BTC’s terms
However, the network growth declined during this period. This suggested that interest from new addresses in the token was gradually waning. However, at press time, the price of ENS was $13.70, and it had increased by 5.11% in the last 24 hours.