Why is ENS Up 16%? Ethereum Name Service Activity Soars with $235K in Fees

Over the weekend, the ENS token soared by 16% to $9.1. The price’s upward movement can be attributed to several factors that occurred recently within its ecosystem.

ENS token is the native cryptocurrency for the Ethereum-based domain naming system, Ethereum Name Service. The naming protocol allows users to represent complex texts and characters like hashes, wallet addresses, and website URLs with simpler aliases such as .eth and .xyz.

ENS Records $235K in Fees

According to the blockchain analytics platform TokenTerminal, the ENS project generated over $235,000 in fees on August 13th alone. The chart below gives evidence of this:

Source: TokenTerminal

Another blockchain data platform Dune reveals that ENS currently has over 2.6 million registered ENS names. The latest data trails its previous record of 1.5 million registered domains in July 2022.

Additionally, ENS DAO, a decentralized organization that develops the ENS protocol, holds $132.3 million worth of cryptocurrencies in its custody. These assets include 10 million ENS tokens, 15,000 ETHs, and 14.13 million USDC stablecoin. 

Even though ENS has been integrated with several blockchains such as Ethereum, Polygon, and Arbitrum, the project is seeing its major engagements on the Ethereum network.

Why are ENS Users Increasing?

The secret behind the project’s recent increase in user base and revenue is likely tied to its August 11th announcement of a partnership with the International Rescue Committee (IRC) to celebrate World Humanitarian Day and workers in the field.

The IRC is a global humanitarian aid, relief, and non-governmental organization that helps people to survive, recover, and rebuild their lives. The non-profit firm supports the less privileged ones across several countries globally. 

Tapping into ENS utility, community members could join in supporting the public good by funding its work. The move has likely resulted in ENS’s recent increase. It also demonstrates how crypto-based services can be used for real world benefits.

Meanwhile, the ENS price currently sits at $9.