18

Dec '23

Ethereum Name Service goes fully decentralized as DAO takes control – AMBCrypto News

Following a unanimous vote in favor of the same, ENS DAO now oversees the affairs of the domain name service protocol.

Ethereum Name Service [ENS] has achieved complete decentralization, with control now firmly in the hands of its token-holding community. This was confirmed in a recent post on X (formerly Twitter) by ENS founder Nick Johnson.
This move follows a proposal that was unanimously voted in favor of, which sought the transferring ownership of the ENS root key from the multisig system to the ENS DAO. 
Sergey Nazarov from Chainlink, Dan Finlay from Metamask, Taylor Monahan from MyCrypto, Aron Fischer from Colony, Jason Carver, and Martin Swende from the Ethereum Foundation, along with Johnson and others, have all managed the ENS’ multisig contract in the past.
According to the proposal, apart from having control of the protocol’s root key, the ENS DAO also has control over creating and managing top-level domains (TLDs). While the “.eth” TLD is set and cannot be changed, the DAO can generate and oversee the creation of other TLDs.

Also, the body of token holders has been granted the power to update and reverse resolutions. Additionally, in collaboration with the Labs team, the DAO will explore and potentially implement primary domain names on Layer 2 solutions (L2s). 
In October, the protocol recorded its highest monthly count of ENS name registrations since the year began. According to a Dune Analytics dashboard, .eth name registrations totaled 56,869 during that 31-day period.
However, this declined in November, as only 20,877 name registrations were made. This represented a 63% decline from the year-to-date high.  So far this month, ENS has recorded 7,204 name registrations. 
Source: Dune Analytics
As name registrations surged in October, the monthly count of new addresses created on the ENS network also rallied.
Information from the same data provider showed that the protocol witnessed the creation of 49,000 new addresses in October. This also declined in November and has fallen further by 96% this month.
Is your portfolio green? Check out the ENS Profit Calculator
Source: Dune Analytics
Regarding monthly revenue made from new name registrations and renewals, this has trailed downwards since August. 
Monthly revenue from new registrations fell by 64% between August and November. So far this month, revenue made from the same has totaled $349,000.

Disclaimer:
AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
© 2023 AMBCrypto

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Joker
Joker

Joker has been buying and selling domains since the late 90's. He has worked with many portfolios and investors over the past decade as well.

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