• The Ethereum Name Service (ENS) recently partnered with Coinbase to add human-readable cb.id domains to its platform.
• Despite declining interest in ENS domains, the number of new monthly addresses and registrations on the ENS network have decreased.
• Despite these factors, ENS tokens have seen an increase in volume and holders continue to accumulate.

Ethereum Name Service (ENS) recently partnered with Coinbase to add human-readable cb.id domains to its platform. This partnership would enable anyone with an Ethereum wallet to mint a group of letters as an NFT to be used in place of their alphanumeric blockchain address. This collaboration between ENS and Coinbase could potentially re-generate the dwindling interest in the ENS domain network.

However, despite the partnership, the number of new monthly addresses and registrations on the ENS network have decreased. According to data provided by Dune Analytics, the number of monthly new addresses on the ENS network fell from 22,914 to 12,913 at press time. This decline in new monthly addresses was also reflected in the number of monthly registrations on the ENS network, which also took a hit. Furthermore, current users began to lose enthusiasm for the domain service as evidenced by the decreasing amount of domain renewals in the past few days.

Despite these factors, ENS continued to outperform its competitor, Unstoppable Domains, in terms of domain registrations. This could be attributed to the fact that ENS offers more advanced features and functionalities compared to its counterpart. Additionally, interest in the ENS token was steadily increasing as reflected by the growing volume of the ENS token. According to data provided by Santiment, the volume of the ENS token increased from 10 million to 14 million tokens in the past two weeks. This increase in volume showed that holders continue to accumulate the ENS token despite the lack of overall interest in the ENS domain network.

Overall, the partnership between ENS and Coinbase may help to re-generate interest in the ENS domain network. However, the lack of new users and domain renewals still remains a concern. Despite this, the increasing volume of the ENS token shows that there is still hope for the platform as holders continue to accumulate the token.