Despite the ongoing bear market, the increase in revenue generated by Ethereum Name Service [ENS] has been a positive development for the crypto community.
The number of avatars on ENS has increased over the last month, according to recent data. In the long run, this could be a positive sign for ENS.
What’s in a (Ethereum) Name
ENS, on 2 November, tweeted multiple data points indicating its growth. Reportedly, the number of Avatar records increased over the past month. Besides, the decentralized website records (Dwebs) also grew during the same time period.
The tweet also stated that there were 174 thousand new .eth registrations and the number of accounts added to the network last month was 25,000.
Despite ENS’ improvements in several areas, the monthly new addresses on the ENS network continued to decline over the past month. And, at press time, the number of new addresses on the ENS network was 1717.
One of the reasons for this decline could be the decrease in ENS’ social mentions and engagements. According to LunarCrush, a social media analytics firm, ENS’ social mentions declined by 29.05%, and its social engagements reduced by 43.94% over the past month.
Moreover, the weighted sentiment was also not in favor of ENS. From the image provided below, it can be seen that the weighted sentiment for ENS was mostly negative throughout the last month.
It indicated that the crypto community had more negative than positive things to say about ENS.
Along with the weighted sentiment, the volume of transactions in profit also declined over the past month. Coupled with that, the MVRV ratio of ENS also continued to go south.
Despite these negative developments, an uptick was observed in ENS’ development activity. Thus, it suggests that the developers on the ENS team have been working on new upgrades and updates for the future.
That said, at the time of writing, ENS was trading at $17.13 and had appreciated by 8% in the last 24 hours according to CoinMarketCap.