ENS Sale Volume Spikes Ahead of Merge Upgrade

Updated:

As the date for the highly-anticipated Merge Upgrade draws near, the Ethereum Name Service (ENS) has become a trending topic as enthusiasts scramble to position themselves adequately.

According to data from DappRadar, Ethereum Name Service is currently number 1 among the top non-fungible token (NFT) collections, with a 24-hour trading volume of over $2.44 million.

DappRadar further revealed that the number of trades on ENS has increased by 45% in the last 24 hours, while the number of sales has jumped by a massive 67%. Ethereum Name Service also topped trending charts above Bored Ape Yacht Club, which recently marked a new record high in value. At the same time, ENS topped the seven-day volume charts for NFT collections on OpenSea, the largest NFT marketplace.

The upcoming Merge Upgrade, scheduled for September 14, has had a noticeable effect on secondary sales, which have jumped by a whopping 137%.

What is ENS, and What is It All About?

Ethereum Name Service is an open, distributed, and extensible naming system that interacts directly with the Ether blockchain. ENS works more like the much-familiar domain name system (DNS), which we use in web browsers.

As is with DNS, ENS maps human-readable addresses, for example, “name.eth,” to a machine-readable address, such as a lengthy hexadecimal string. These customized or personalized address nomenclatures allow users to manage their crypto funds by providing a human-friendly interface.

Earlier this year in May, registration for ENS domains recorded a new all-time hike. However, by July, registrations for .eth domains saw another 200% spike in July. As secondary sales jump ahead of the Merge, it’s obvious sellers are trying to capitalize on the ongoing hype, while buyers are looking to flip their ENS domains later in the future for bigger profits.

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.