Having an ENS domain these days is a great thing to have. Everybody from crypto enthusiasts to celebrity actresses such as Paris Hilton is registering their ENS domains. The question is, however, how actively are these users using the Ethereum blockchain? Are these users really users of Ethereum blockchain and engaging in activities like Defi & NFT sales or are they buying ENS domains because they believe in marketing hype?
In order to get a better understanding of how domain holders used the Ethereum blockchain in the past six months, let’s explore data on the number of transactions they have made on the blockchain. The following chart shows a distribution of ENS holders by the number of Ethereum transactions they have made over the past six months.
Over 38,000 ENS holders (or 23% of the total number of ENS domains registered in the last 6 months) performed less than 10 Ethereum transactions. This makes registering an ENS domain a very fancy thing for these users. ENS Airdrop is likely to have brought them in or they may be attempting to secure the domain name they want by reserving their name. There were another 20% of ENS domain registered users who made 10-24 transactions. We could classify them as moderate Ethereum blockchain users, given the gas fees on the Ethereum blockchain.
We were able to categorize approximately 50,000 users as active users based on the fact that they performed 25-99 Ethereum transactions in the past 180 days on Ethereum. It is worth mentioning that the rest of the category of users performed more than 100 transactions, and we can categorize them from very active users to whales of Ethereum. It should be noted that these users are not bothered by Ethereum gas fees!