The Ethereum Name Service has announced a collaboration with the world’s largest domain registrar, GoDaddy. As a result, its native ENS token has gained 14%, leading crypto markets today.
On February 5, the Ethereum Name Service announced that it has partnered with GoDaddy to make it easier for its customers to use DNS domains in the ENS ecosystem.
GoDaddy Adds Crypto Wallet
It was noted that starting on February 5, GoDaddy will have a new section in their domain management interface called “Crypto Wallet.”
It explained that GoDaddy customers can easily associate an Ethereum address with their domain names. This allows,
“Seamless integration with hundreds of applications across the Web3 ecosystem.”
Once the GoDaddy “crypto wallet” is configured, the domain name can be used in place of an Ethereum address. This enables it to be readable in a range of web3 applications, including wallets, block explorers, and NFT marketplaces.
The team explained:
“Thanks to Gasless DNSSEC, users can now easily associate an Ethereum address with their DNS domain name (.com, .xyz, etc.), allowing seamless integration with all applications that properly support ENS!”
On January 29, ENS launched Gasless DNSSEC following a governance proposal vote. This new feature enables the use of DNS domains in ENS without incurring any transaction fees.
“This partnership between GoDaddy and ENS marks a significant milestone in the domain name industry and we’re excited to continue pushing forward.”
Read More: Ethereum Name Service (ENS) – Everything You Need To Know
GoDaddy is the largest domain registrar in the world, with a market share of around 31% globally and around 60% in the United States. Additionally, it has more than 20 million customers worldwide, according to MarketSplash.
A strange twist to this story is that the Ethereum Name Service sued GoDaddy in 2022, claiming that the company falsely announced the eth.link domain had expired and it had been sold to a third party.
Furthermore, GoDaddy was exploited in May 2022. The exploit resulted in attacks on multiple DeFi protocols that relied on it for their domain names.
ENS Price Pumps
The partnership has boosted ENS prices, which have surged as much as 14% on the day. The governance token hit an intraday high of $20.40 during the Tuesday morning Asian trading session.
Read more: Ethereum Name Service (ENS) Price Prediction 2023/2025/2030
The $20 price level is a resistance zone for ENS, which failed to break out in late January.
Furthermore, ENS hit a 21-month high of $27 on January 14 but has failed to reclaim that level. The asset remains 76% down from its November 2021 peak price of $83.40.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
