I compiled the data on ENS to find out the revenue of the service, the size of the userbase and the scale of the market. Here are 5 key insights I found 👇
𝗣𝗿𝗶𝗺𝗲𝗿: You can send crypto and NFTs to someone's wallet using their ENS name instead of entering a long Ethereum address. You can also use ENS names to point to decentralized websites and store profile info. All .eth names on ENS, such as niftytable.eth, are ERC721 NFTs.
[1/5] 9,721 ETH has been spent registering ENS names, and 2,743 ETH has been spent renewing them.
All ENS names are rented from @ensdomains ($5/year for names 5 characters+, $160/year for 4 characters, and $640/year for 3 characters).
[2/5] 429,455 ENS names have been created. 304,959 of these are .eth names.
[3/5] There are 168,643 unique addresses that currently have an ENS name registered.
Note: Excludes expired names that are in their 90 day grace period and therefore still have the chance to be renewed.
[4/5] This week, ENS launched an $ENS token, the first step in a long term plan to decentralise governance of the service. Of the 100M $ENS tokens, 50% were reserved for the community treasury, 25% were reserved for contributors and key stakeholders, and the final 25% were airdropped to users.
At today's trading price of $78, the $ENS token has a fully diluted market cap of $7.8B.
[5/5] 137,689 wallets are eligible for the airdrop and so far 50% of them have claimed. The median claim size has been 158.7 $ENS ($11.1k at today's price).
"As long as the product works, people don't care about decentralisation"
We've all heard some variant of this sentiment dozens of times.
ENS is one of the best case studies for why people should care. The community now owns and governs a public good they use everyday that has billions of dollars in treasury.
That's pretty awesome.
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