ENS Number Race Leads to Record Transaction Volume
It was a night of numbers, 4-digit ones to be exact, that drove the Ethereum Name Service (ENS) into the top 3 gas guzzlers on the Ethereum blockchain. Demand to purchase .eth domains containing a unique string of 4 digits was so strong that ENS was competing with OpenSea, Uniswap, and Tether in gas fees. As of this writing, ENS is still ranked #4.
Jefflau.eth, an ENS developer, asked if he was dreaming when he shared a screenshot showing off that ENS had surpassed Bitcoin in network fees generated over a 24-hour period.
Am i dreaming? https://t.co/9LcfHnjJiA
— jefflau.eth | numeracy.eth | elucidate.eth (@_jefflau) April 26, 2022
With a 4-char ENS domain costing approximately $200, ENS generated nearly $2 million in revenue just off of 4-digit domains, which quickly sold out.
A couple years ago at ENS, we were doing just over 1m in revenue in a year. If someone told me it was possible to hit 1 million in 1 day… I'd have laughed in their face.
— jefflau.eth | numeracy.eth | elucidate.eth (@_jefflau) April 27, 2022
Owners of the 4-digit domains have begun to call themselves the 10k Club, a reference to the fact that there are 10,000 4-digit combinations.