Category: Ethereum Name Service

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Crypto News Ethereum Ethereum Name Service

Amazon.eth Domain Owner Ignores $1 Million Bid

The Ethereum Name Service (ENS) domain Amazon.eth received an offer this week to purchase for one million $1 million in USDC, a stablecoin pegged to the US dollar. The offer went unanswered, and no transaction took place.

Should it have gone through, the owner stood to make a 1,000 percent profit on the sale after having purchased the domain name for 33 ETH (worth about US$50,000 today) five months ago:

Interest in ENS Domain Names Soars

Despite the bear market, ENS domain names have been rather bullish. Some attribute the growing interest to their inherent utility, which makes crypto transactions easier. Earlier this month, someone paid 300 ETH for “000.eth”, and other bids for “Samsung.eth” and “Starbucks.eth” worth US$90,000 have come in.

In the first week of July, ENS registrations surged 216 percent. It is unclear whether the owner of the Amazon.eth domain was informed of the offers or did not consider them to be fair:

According to data from OpenSea, other bids for the domain average a modest US$6,200 in USDC. The domain is verified as official by ENS and is owned by an anonymous OpenSea user, 4761BF. The individual making the offer owns about 20 ENS names, with many of them relating to Amazon, including one called “jefferyjefferybazos.eth”.

The “amazon.eth” name was created on August 2, 2017, and expires on October 16, 2036, and was first registered on February 7, 2020.

The expired bid for the “amazon.eth” ENS. Source: OpenSea

What is ENS?

An ENS provides human-readable names to different aspects of the Web3 world, which would commonly include blockchain addresses. Like NFTs, ENS names can be bought and sold on secondary markets such as OpenSea and are often used by crypto users as part of their social media profiles.

Famous brands such as Budweiser took a dive into the crypto market last year and bought an ENS called “Beer.eth” for 38 ETH. Puma, following other sports brands like Nike and Adidas into the metaverse, also bought a decentralised .eth URL from ENS and has signalled its intent by renaming itself “puma.eth” on Twitter.

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Crypto News Ethereum Ethereum Name Service

Ethereum Name Service (ENS) Registrations Surge 216% in a Week

Ethereum Name Service (ENS) registrations have surged over 200 percent in a week, according to ENS developer Nick Johnson (Nick.eth on Twitter).

The ENS had a bullish first weekend of the month, with over 64,000 accounts created on July 3 – a 216 percent spike that translates to US$684,000 in revenue, half a million more than on the previous day.

In June, ENS had more than 120,000 .eth registrations, registering over US$3 million in revenue:

Source: Data Studio

ENS is a domain name protocol that issues .eth domain registrations on the Ethereum blockchain. In other words, ENS turns a long crypto address into something similar to an URL, like Bob.eth or Alice.eth.

ENS Exceeds a Million Domain Names Milestone

On May 6, the ENS achieved the milestone of a million domain names created. At time of writing the ENS token was up 16 percent in the previous 24 hours, and was priced at US$10.25 apiece as per data from CoinMarketCap.

Budweiser is one of the few brands to have purchased an .eth domain. Back in August 2021, the American beverage giant announced its dive into crypto by paying 38 ETH for Beer.eth.

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Blockchain Ethereum Ethereum Name Service Gas

Vitalik Buterin: ETH L2 Fees Must Be Under $0.05 to be ‘Truly Acceptable’

Ethereum co-founder Vitalik Buterin believes gas fees on Ethereum layer-2s should be less than 10 cents in order to be “truly acceptable”.

The comment came as a response to a Twitter post from “Bankless” podcast host Ryan Sean Adams, who shared a screenshot of eight layer-2 protocols and their average transaction gas fees:

Layer-2s are protocols built on top of an existing blockchain. Since L2s are connected to a main chain – in this case, Ethereum – they inherit its security properties. So far, most layer-2s are designed to aid the Ethereum network with certain setbacks, such as scalability and throughput.

A layer-2 solution takes transactions out of the Ethereum network to process them in a secondary chain, in what is known as off-chain activity. This secondary chain provides high throughput and cheaper transaction fees while the mainchain provides security.

Currently, the cheapest ETH L2 solution is Metis Network, which has gas fees of US$0.02. However, swapping tokens costs $0.15, and bigger fees may be applied depending on the order.

‘Danksharding’ the Ethereum Network

With his mention of danksharding (aka EIP-4844), Buterin was referring to a new sharding model proposed for Ethereum that seeks to simplify previous sharding designs. This proposal will theoretically scale the Ethereum network by adding a new type of transaction dubbed the “blob-carrying transaction”, which carries an additional 125KB worth of data.

Most members of crypto Twitter agreed with the idea that the biggest stepping stone for Ethereum is transaction costs. While danksharding can help scale the network, ETH 2.0 has been delayed again – this time, the sharding might occur somewhere between the end of 2022 or early 2023.

Recently, the Ethereum Name Service (ENS) hit a milestone by surpassing one million domain names created, causing the ENS token to surge 86 percent in value shortly after the announcement.