- ENS experienced steady growth in terms of monthly active users
- Although prices rose in the past week, network growth and volume fell
The monthly active addresses of AGREED continued to grow according to analytical platform Messari. This took place despite declining user activity across the board due to the volatility that arose in the Web3 space. The growth may eventually play a key role in influencing the network’s future.
Data shows that @ensdomains Active monthly addresses remain robust even though the wider Web3 market has seen large user declines in recent quarters.
The current level of active addresses is still 10 times higher than at the beginning of 2021 and 2.5 times higher than a year ago. pic.twitter.com/Mx4Mt4ltlO
— Messari (@MessariCrypto) 3 December 2022
Read ENS’s price prediction 2022-2023
ENS, against all odds
The increase may be a reason why the prices for ENS rose 6.54% in the last week. The number of active addresses on the platform was 10 times higher than the activity registered last year, as can be seen from the image below.
Along with growth in activity, the decentralized web content on the network also grew. Furthermore, DWEB’s growth was consistent in recent months. Furthermore, the protocol earned $1.7 million in protocol revenue and was added 22k new accounts in November. Despite this, however, avatar records fell.
ENS statistics for November 2022
– 70,000 new .eth registrations (a total of 2.79 million names)
– 1.7 million dollars in protocol revenue (everything goes to @ENS_DAO)
– 22,000 new eth accounts with at least 1 ENS name (612,000 in total)
– 5445 avatar records set (total 62k)
– 1,660 DWeb content records set (total 16,715) pic.twitter.com/LRK2iqPQjr
— ens.eth (@ensdomains) 1 December 2022
Not all roses and sunshine for ENS
ENS had a tough time this crypto winter with on-chain calculations. Network growth fell significantly in the last month, as the number of addresses transferring ENS for the first time decreased.
ENS also experienced a drop in volume, falling from 94.3 million to 15.2 million in the last month. This indicated a declining interest from traders. Despite these indicators, however, large addresses showed faith in ENS, as there was an increase in supply to top addresses. So, meIncreasing interest from whales could drive ENS’ prices even further.
It appeared that whales, along with helping with price action, helped ENS soar in terms of market cap dominance as well, as it grew by 3.02%. At the time of writing, ENS took 0.04% of the total crypto market.
However, investors looking to buy ENS should be cautious as the token’s volatility increased by 74% in the last 30 days. This suggested that ENS had been more exposed to massive price fluctuations in the past month.