ENS registration is cheap. Powered by a StablePrice Oracle, ENS keeps a steady price of 5 dollar per year for every registration. However, bulk of the costs arises from all the gas required to complete the multitude of process that involve in the registering of domain, storing the domain, routing any requests to the domain to the underlying Ethereum Address. Hence ideally, its better to initiate a registration when the Gas Prices are lows. So is that what users do ? Lets see that.

The data will be obtained from ethereum.transactions table, tracking transactions to 0x283af0b28c62c092c9727f1ee09c02ca627eb7f5, where the function registerWithConfig is called. The average gas price for each day is aggregated. In order to prevent unusual value create drifts of the average, we will use the median function, which takes the most common value.

Overall

We will divide the analysis into data before the past 6 months and data over the past 6 months. This will allow us to see if there are any significant changes with the onset of the NFT craze.

We don't any significant correlation in any direction. Which means, 6 months ago the registration were purely unrelated to gas prices.

During NFT craze

NFT seaZon saw gas hit ATHs. Consistently hovering above 100 Gwei, it made transactions below 4 figures not worth the effort. Keeping a huge chunk of the users out of its Etherscape.

Over the past 6 months, we have seen that the Registrations have moderate correlation with Gas prices. However since this is positive correlation, data suggests that users have actively choses higher gas prices days to make registration more often than not. However, it seems that most of activity seems to be arising from Nov 8 onwards, which marked the airdrop of ENS token. Hype really forced alot of Ethereum users to jump the bandwagon.

It's true, its the hype generated by Airdrop that had a significant effect on the correlation coefficient. Once again, before the Airdrop, we can see that once again, there is a lack of correlation between Gas and Registrations.

In the recent week, we can see that graph doesn't show any comparable trend between the Gas price and Registrations. Correlation doesn't suggest anything significant either.

Hence we can assume that ENS registrations don't depend on the Gas Prices. Most ENS users don't seem to care about the gas prices while registering. This could be because most users tend to register for longer timeframes hence theoretically being cost efficient in the long run.