Ethereum Name Service Is up 16.34% – Time to Buy ENS?
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- ENS Plans to Adopt Ethereum Layer-2 Support for ENS Domain Names
- Puma Enrols ENS Domain, Changes Name to Puma.eth on Twitter
- Nike’s RTFKT Buys ‘DotSwoosh’ Ethereum Domain Name For $35K
Following the recent dip in the market, the global crypto market cap has seen a modest relief rally. With Ethereum Name Service on a bullish run, investors have an ideal opportunity to buy ENS for long term gain.
Ethereum Name Service (ENS) is a blockchain-based distributed, open, and extendable naming system. Similar to how the Domain Name Service makes the internet more accessible, ENS intends to make Web3 more accessible by making it easier for individuals and programmes to read and share crypto addresses.
ENS Plans to Adopt Ethereum Layer-2 Support for ENS Domain Names
In collaboration with Chainlink, Ethereum Name Service (ENS) is taking steps toward implementing Ethereum Layer-2 support for ENS domain names. ENS strives toward developing optimistic Roll-ups (ORs).
I'm delighted to announce the release of the first version of @ensdomains' toolkit for supporting offchain resolution of ENS names.https://t.co/SH2b7sZ6oH
— nick.eth (@nicksdjohnson) January 19, 2022
Optimistic rollups are a solution for layer 2 scaling. A layer 2 solution is a network that offloads some of the processing work from the Ethereum main chain (or layer 1) in order to improve performance. Optimistic rollups are designed to reduce delay and boost transaction throughput.
Users with .eth domain names, or new users wanting to register an .eth domain name, will be able to transact with lower gas prices and faster settlement. This offering will be made possible following the integration of the Layer-2 solution.
While it is affordable to register an .eth domain name, gas fees continue to rise due to scalability issues that have plagued the Ethereum network.
ENS has launched the first version of an implementation of ENS off-chain resolution, based on ENS Improvement Proposal ENSIP 10 and Ethereum Improvement Proposal EIP 3668, ready for testing by developers. Nick Johnson, the Lead Developer at ENS, announced this information in a tweet thread.
Individual users would be allowed to migrate their ENS domains to an L2 network once this support system is in place.
Puma Enrols ENS Domain, Changes Name to Puma.eth on Twitter
Puma has hopped on the ENS bandwagon by purchasing its very own domain – Puma.eth. The German sportswear company used ENS to register the domain name.
PUMA.eth entered the top 100 most followed Twitter accounts with a @ensdomains name at number 13!
Welcome @PUMA 🎉
— eth-leaderboard.eth (@ethleaderboard) February 21, 2022
At press time, Puma is 15th on the .eth Leaderboard. This leaderboard displays the most followed Twitter accounts with .eth names.
Puma’s ENS address is one of the company’s recent NFT-related initiatives. According to the Puma.eth OpenSea page, the sportswear company has invested in many feline-inspired NFT collections, including Lazy Lions, Cool Cats NFT, CatBlox, and Gutter Cat Gang.
Some advantages of an ENS name include the ability to receive any cryptocurrency, token, or blockchain-based asset. Also, the ability to point to a decentralised website and save profile information like an avatar, email address, or Twitter handle is another advantage.
Nike’s RTFKT Buys ‘DotSwoosh’ Ethereum Domain Name for $35K
Following the purchase of dotswoosh.eth for 19.72 ETH (about $35,000), RTFKT now controls ten Ethereum Name Service (ENS) domains. RTFKT, pronounced as “Artifact”, is Nike’s Web3 branch.
Nike’s RTFKT Buys ‘DotSwoosh.eth’For $35K#ENS #ensdomainshttps://t.co/9SLU2YaR2s
— Brook 🐳 185/190/195/196.eth (@AlohaNFTs) May 30, 2022
The rationale behind Nike’s dotswoosh.eth acquisition on Friday remains unknown. However, as some have speculated on Twitter, Nike may use the domain in the future to issue ENS subdomains. ENS subdomains are governed by the main domain name holder.
Despite the fact that Nike’s plans for dotswoosh.eth are unknown, the company has a history of acquiring related names and trademarks. Last year, the Nike swoosh and “Jumpman” emblem, as well as Nike, Nikeland, and “Just Do It”, were all trademarked for various metaverse purposes.
ENS Technical Analysis
At press time, Ethereum Name Service trades at $11.81, a downtrend of 27.7% in the last month. The digital asset is 86.46% below the all-time high of $85.69. This downtrend offers investors looking to buy cryptocurrency an opportunity to buy ENS at a low price.
Ethereum Name Service is bullish at the time of writing. The digital asset trades below the 100% Fibonacci retracement level of $11.85. This value indicates that ENS could see resistance at this level in the short term. However, a bullish rebound might see ENS break above the current resistance indicator of $11.85 in a few weeks.
The digital token’s Relative Strength Index (RSI) is 68.76. This value indicates that Ethereum Name Service is in the underbought zone but trading dangerously close to the overbought region. Hence, this could be a good time for investors seeking to invest in cryptocurrency to buy ENS and rise with the market.
Presently, ENS is trading above the 50-hour Simple Moving Average (SMA) indicator of $11.60. This value further indicates that the cryptocurrency is bullish.
Also, the moving average convergence and divergence (MACD) value of the crypto asset exhibits a buy signal.
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