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.
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.
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.
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.