• A crypto whale reclaimed $74 million worth of Ether (ETH) from Ethereum Name Service (ENS) on July 31st.
• There was a decrease in .eth domain registrations and new address creations on ENS in July.
• ENS monthly revenue from new name registrations and renewals has been steadily declining since January.
Crypto Whale Reclaims Dormant ETH Worth $74M From ENS
A crypto whale reclaimed 39,712 Ether [ETH] worth $74.17 million on 31 July from the Ethereum Name Service [ENS]. This happened after 2.7 years of dormancy for darkmarket.eth domain, as reported by blockchain sleuth Lookonchain. The whale then transferred over $119 million in ETH to a new wallet.
Declining Registrations On Ethereum Name Service
According to data from Dune Analytics dashboard, .eth domain registrations totaled 31,029 in July – 14% lower than June’s 35,963 registrations. Year-to-date monthly registrations have dropped 45%. Additionally, there was a 18% decrease in the count of new addresses created within the 31-day period compared to June’s count of 30,722 addresses. Primary ENS name registrations also fell 19% last month compared to June’s 3,099 names.
Monthly Revenue Declines Since January
Data from Dune Analytics revealed that ENS monthly revenue made through new name registration and renewal has been on the decline since January 2021. Compared to May’s revenue of more than 844 ETH ($1.5 million), only 420 ETH ($755 thousand) was earned in June 2021 before dropping further to 334 ETH ($607 thousand) last month (July).
Traders Uninterested In Trading ENS At Press Time
Most traders did not seem too interested about trading ENS when the news broke out about the whale reclaiming dormant tokens at press time due to current market conditions caused by the dip resulting from an overall bearish market sentiment across most digital assets this past month including Bitcoin [BTC], Ethereum [ETH] and altcoins alike.
The decline in .eth domain registrations and creation of new addresses along with decreasing monthly revenue are indicators that signal a tepid interest amongst investors who are seemingly holding off from registering names or creating new ones until market conditions improve substantially enough for them to make profits on their investments while helping grow the network effect of Ethereum Name Service protocol at large