In addition to the Web3 domain name hype ENS, what is the greater value?

If you want to ask what topic has been discussed most recently, in addition to the Ethereum merger, it is naturally the Ethereum domain name service ENS

If you want to ask what topic has been discussed most recently, it is naturally the Ethereum domain name service ENS,Since April this year, the ENS domain names that were rarely used have quickly ushered in a wave of registration. From the initial three digit ENS of 1000 to more four digit and five digit ones, with the enthusiasm of the market to buy out and stock up, the market has gradually started to rush to register and sweep, and the floor price has almost reached a new level every day.

And the wind is still accelerating to the inside and outside of the circle. Not long ago, Nick Tomaino, founding partner of venture capital firm 1 confirmation, changed the nickname of Twitter to "1492. eth" and said that "Columbus started his first voyage in 1492".


The ENS dances, ". BNB", ". bit", etc. follow

From the perspective of data, the total agreement revenue of ENS since its establishment is about 61.5 million dollars, while the agreement revenue has been nearly 46 million dollars since 2022, that is, since the launch of ENS in 2017,About 75% of the income is earned this year.

Among them, the registration (renewal) revenue of ENS in May this year reached 9.56 million dollars, and the registration (renewal) revenue of Ethereum domain name service ENS in April reached 7.83 million dollars, ranking first and third respectively in terms of monthly agreement revenue. In previous years, only the historical monthly revenue of 7.93 million dollars in November 2021 ranked among the top three.


However, after June, ENS once cooled down, and the agreement revenue declined significantly, but recently the heat has obviously started to rise:

In August, ENS registered more than 300000 new domain names, the total number of domain names reached 2.17 million, and the agreement revenue reached 4.7 million dollars; But as of now, less than two weeks after September, it has already generated 2.32 million dollars of agreement revenue, and it is certain that this trend will surpass the data in August and even July.

As the ENS ignites the domain name service, recently Web3 domain name projects based on other public chains have also begun to receive widespread market attention,The SPACE ID, which completed the seed round financing led by Binance Labs on September 2, was even more popular.

According to Dune data, the average registration cost of SPACE ID is only 0.0418 BNB at present. The official said last week that "due to receiving a lot of feedback from the community on the periodic registration of. bnb domain names, it was decided to postpone the periodic registration to next week".


According to the data of the Nervos Ecological Web3 Identity Protocol ". bit" (the original DAS) on September 15, the daily registration volume has broken a new high for three consecutive days, with a total of 138000 registered accounts and 48000 independent registered addresses.

". com" and user name card in Web3 era?

The reason why Web3 domain name service is becoming increasingly popular cannot be separated from its attribute as Web3 infrastructure.

On the one hand, at present, the project party of Crypto World has almost become the standard configuration of the ENS domain name of the corresponding project brand(including the recent renaming of Project Galaxy to Galxe, and the suspected project parties completed preemptive registration in the ENS domain name in advance),Even traditional Web2 project parties have begun to purchase corresponding ENS domain names:

Budweiser Beer bought beer with 30 ETHs eth; Luxury brand Gucci obtained gucci with 12 ETHs eth; Tiffany, a jewelry brand, bought Tiffany at the price of 29 ETHs The eth domain name.

On the other hand, on the personal level, since the ENS domain name supports DIY registration and creation, and can simplify the presentation of the user's blockchain address, it is also often regarded as a personal business card on the chain in the Web3 era, just like Twitter and other social media.

Like Vitalik, co-founder of Ethereum Eth, Terence of Tim Beiko, core developer of Ethereum Eth and so on.


Moreover, because of the unique identity attribute that can be displayed, the ENS special characters (123.eth, abc.eth, etc.) with special meaning or intuitive memory, like the smart phone number, are also easy to usher in a wave of speculation.

At the beginning of the birth of Web2 domain names, many well-known entrepreneurs made their first bucket of money by reselling domain names,For example, Yao Jinbo, the founder of 58 cities, once founded the domain name trading website "E-domain", and became rich by selling domain names.

Compared with the traditional ". com", the Web3 domain name service represented by ENS has stronger individual characteristics and has its own social attributes:

Users can set and display personal information in their domain names, such as Bitcoin, Litcoin, or Dogecoin, as well as other addresses, including email, URL links (unified resource locators, which are the addresses of standard resources on the Internet), Twitter names, Github, Reddit, Telegram, and other information, and even add NFT avatars.

At present, in the Ethereum ecosystem, more and more protocols begin to support ENS, using ENS as the name, NFT as the avatar, mirror to record life, and AR to store content. This has become the standard configuration of Web3.0 people and the foundation of many Web3.0 social applications.

To some extent, ENS has gradually developed from the original Ethereum address resolution to the business card of the Web3 world in more than five years since it was launched online. With the development and adoption of ENS and the reform of Web3, it is very likely to become the core infrastructure of Web3.

At present, the development trend of Web3 domain name service is the same. In fact, it is far from enough to only do brand expansion or personal business card business.

The Web3 identity of domain names such as ENS

So domain name service projects like ENS are basically turning to Web3 identity system. On March 8 this year, the original DAS brand was officially renamed and upgraded to ". bit", evolving from pure domain name protocol to cross chain decentralized identity (DID) system.

In short, they are becoming more and more the key carriers of user digital identity in the Web3 era, thus forming a set of cross chain decentralized identity (DID) systems.

DID is widely regarded as the core infrastructure of Web3, and the core meaning is to truly return the right to privacy and data to everyone for free control.

Because in the traditional account system, the current Internet giants hold the privacy and data that should belong to users, but they go to financing, listing, killing and other business activities, while users, as contributors, do not enjoy the due return.

The DID gives Web3 users in the blockchain world a corresponding identity. In the traditional Internet world, we have become familiar with Internet identities in the form of accounts, such as mobile phones, microblogs, WeChat, etc,These identities separated by different ecological stripes are managed and saved by corresponding centralized Internet service providers, which cannot avoid corresponding centralized hidden dangers.

DID, on the other hand, uses blockchain and other technologies to make digital identity truly owned and controlled by each user. It is an identity certificate in the future in a decentralized society.

Just like we keep paper documents such as ID cards, passports and account books in our own homes carefully and only take them out when necessary, no middleman will have the user's identity and data completely, which can better avoid the above difficulties.

For example, any user can register an ENS or other public domain name service account without permission,Once registered, you (and only you) will have full control of the account,One account corresponds to several addresses under the personal identity (including BTC, ETH, etc.). The most direct way is to bind the personal identity and complete the transfer of multi chain assets only by entering "terry. eth" and other similar abbreviations.

In addition, not only on the blockchain, personal social accounts, mailboxes, personal profiles, personal preferences and other data that are willing to be disclosed can be added to the DID account with ENS as the carrier, and each person can have a completely anti censorship personal information homepage.

This is tantamount to a relatively comprehensive identity system - it also means that individuals can be "big data portraits", which are not limited to on chain asset records, and derive credit assessments covering both on chain and off chain, which can be said to be the "sesame credit system" on the chain.

That is to say, with the help of DID accounts with ENS as the carrier, we can get through the data on the chain and off the chain, and introduce credit factors and even a complete set of credit mechanisms into the Web3 world.

This is also a greater possibility that domain name services such as ENS can bring to the DID and Web3 world in the future.