Ethereum Name Service Partners With GoDaddy — ENS Token On The Move

Key Takeaways

• GoDaddy partners with Ethereum Name Service for Web3 domain integration.
• ENS is helping power a way to simplify Ethereum address linking for GoDaddy users.
• Gasless DNSSEC eliminates transaction fees for DNS in ENS.

Ethereum Name Services (ENS), a blockchain-based domain naming system, has partnered with GoDaddy, a web hosting and domain registration company. This collaboration aims to provide GoDaddy’s customer base with the ability to integrate their DNS domains within the ENS ecosystem. 

This  is designed to bridge the gap between traditional web services and the emerging Web3 space. It offers GoDaddy customers a way to use their existing domain names in a Web3 applications without needing additional technical skills or incurring extra costs. 

How Will This Look in Practice? 

GoDaddy has introduced a “Crypto Wallet” section in its domain management interface. This enhancement helps access to Web3 applications like wallets, NFT marketplaces, and block explorers. It underscores ENS’s intention to complement and integrate with the established internet infrastructure. 

The recent implementation of Gasless DNSSEC, approved by ENS DAO, further eliminates transaction fees for DNS domain usage in ENS, making GoDaddy the first registrar to implement this cost-effective feature, promoting broader adoption of blockchain technology across its user base.

ENS Price Analysis 

From its peak of $120 in November 2021, the price of ENS was in a multi-year bear market, ultimately reaching a low of $6.50 in June 2023, later revisited in October. As it established a bottom, a new uptrend started. 

Initially, it broke from the descending triangle and reached a high of $27.50 on January 15. After this, there was a 44% retracement to $15.50, but on February 8 it returned to the $25 area. Currently, we are seeing a struggle at the previous high mark. 

If the price manages to go above the $25 level, the new uptrend starts with the next target potentially being at $40. But if the price makes a downturn, it is continuing its correction phase, with another low past the previous one, below $15. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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