In the coming days, crypto-space will see a long-awaited Ethereum update to The Merge – the migration of the entire Ethereum network from the energy-consuming PoW consensus mechanism to PoS, which is considered more environmentally friendly. The migration of the entire Ethereum network to the Proof-of-Stake (PoS) algorithm will tentatively take place on September 13.

In anticipation of this long-awaited event, the crypto community is showing explosive interest in the Ethereum Name Service (ENS) blockchain domain name aggregator.

This service for naming addresses, wallets, and other identifiers on the Ethereum blockchain was created to make it easier for ordinary users to make cryptocurrency transactions. It converts complex and long strings of machine data consisting of numbers into more familiar and easy-to-read names of addresses, wallets, and other identifiers.

The system is similar to the traditional Domain Name System (DNS) used by Web2 but is powered by the Ethereum blockchain and used for Web3. Each domain name has .eth at the end and can be attached to cryptocurrency wallet addresses, decentralized websites, or hashes. Domain names can also be traded on secondary marketplaces such as OpenSea.

ENS domain name sales show explosive growth

According to DappRadar, ENS trading volume was $2.44 million in the last 24 hours, making the aggregator number one among NFT’s top collections.

In addition, in the last 24 hours, the number of traders increased by 45%, and the number of sales increased by 67%. Thanks to these indicators, ENS was able to surpass even such a heavyweight as Bored Ape Yacht Club (BAYC).

ENS was also able to break into the top of the ranking among NFT collections at the largest NFT-market OpenSea. Here it ranked first in terms of 7-day trading volumes, also bypassing BAYC.

NFT statistics also show an increase in sales over the last week. They peaked yesterday at $1,896 million. Ethereum’s upcoming update had a particularly tangible effect on secondary sales. They soared 137%.

Recall that this May was a month of record-breaking achievements for ENS in almost every metric monitored, including new registrations, user retention, revenue and income (in ETH & USD). In addition, ENS surpassed the entire bitcoin network in terms of weekly commissions in July.

Buterin’s tweets.

Apparently, the surge in secondary sales indicates that sellers are looking to cash in on the current haip around Ethereum, and buyers are hoping they can resell their purchases more expensively in the post-network upgrade price rally.

Ethereum co-founder Vitalik Buterin even asked his Twitter followers what they considered a fair price for a .eth domain name.

As the results of the survey show, almost half of those who voted believe a price of less than $100 is most fair.

https://altcoin.ng/interest-in-ethereum-name-service-breaks-records/