ENS Up By 10.92% – Time To Buy ENS
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- Investors to buy ENS as the asset maintains an upward trend
- ENS Hosts Gitcoin Grants Matching Round To Fund New Projects
- To Activate ENS L2/Offchain Integration, ENS Welcomes New Upgrade
Ethereum Name Service (ENS) is a protocol system based on the Ethereum blockchain. ENS is often referred to as an open public utility. The network was created to make the Ethereum-based web easier to access. Investors and developers buy ENS to enjoy its one-of-a-kind value proposition. The blockchain is considered the first service that transfers the Domain Name Service to the decentralised Web3 ecosystem.
ENS Hosts Gitcoin Grants Matching Round To Fund New Projects
ENS has hosted its own Gitcoin Grants Matching Round to fund open source projects in the network’s ecosystem. This new development may spur investors to buy ENS.
The network will be employing Quadratic Funding (QF). This is considered the mathematically optimal way to fund public goods in a democratic community.
The number of contributors is said to be more significant than the amount funded in QF. This, therefore, gives power to the majority rather than the wealthiest. The ENS Ecosystem Round will operate as part of Gitcoin Grants round 13.
ENS Welcomes New Upgrade To Activate ENS L2/Offchain Integration
ENS has announced its recent upgrade to the latest ethers.js. Investors looking to buy ENS will enjoy the benefits accompanying the new upgrade.
This new protocol has two primary features that allow ENS L2/Offchain integration. They are ENSIP-10:Wildcard Resolution and EIP3668:CCIP. These new features will allow ENS L2/Offchain integration which is expected to address bug fixes and quality of user experience. Users are not required to change any code as long as the app interacts with ENS through these two ether.js ENS methods.
The Ethers and the Ethereum blockchain are largely focused on L2 support. This is because it improves the entire experience, such as a reduction in gas fees, high transaction capacity, and speedy interactions.
The new CCIP Read contract methods can postpone response to off-chain service. This allows for cheap data processing. Also, the response can be verified by contract by whatever security mechanism the author deems acceptable.
On the other hand, ENS Wildcards allows a single resolver to respond and resolve an unlimited number of sub-names. Users can send assets to any ENS name, even if the owner has not configured it. Assets can also be sent to an ENS name that has never been registered. Whoever then successfully registers that name first can claim the assets.
Technical Analysis
At press time, ENS is trading at $16.39, up 10.92% in the last 24 hours. The digital asset’s technical indicators reveal a bullish trend for investors who choose to buy ENS.
ENS is trading above the 61.8% Fibonacci retracement threshold of $16.33. However, the digital asset shows a negative moving average convergence and divergence, indicating a sell sign. But its relative strength index of 45.87 shows that it is underbought, signalling a great opportunity to buy ENS.
The crypto asset reveals a 50-day moving average (MA) value of $16.42 and a 50-day exponential moving average (EMA) of $16.41. Although the digital asset is trading below its MA and EMA values, ENS’ continued gain would see it rise above its long term indicators. Investors can buy ENS now before the digital asset gains the bull in the crypto market.
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