The Ethereum Name Service (ENS) has teamed up with PayPal and Venmo to make it easier for people to send cryptocurrency.
Now, users can type an ENS name (like a username) instead of a long, complicated wallet address when sending crypto on these platforms. This helps prevent mistakes and simplifies the process.
The Ethereum Name Service (ENS) is like a username system for cryptocurrency. Instead of using long, complicated wallet addresses, you can use a simple name (like “yourname.eth”) to send or receive cryptocurrency. It makes crypto transactions easier and less confusing.
PayPal is an online service that lets you send, receive, and store money digitally. You can use it to pay for things, send money to friends, or accept payments from others.
Venmo is similar to PayPal, but it’s mostly used to send money between friends and family. It’s popular for splitting bills, paying someone back, or sharing expenses, and it’s connected to your bank account or card for easy transfers.
When a user types an ENS name, PayPal will automatically match it with the right wallet address. A new Address Book feature lets users save wallet addresses, making it quicker to send money to people they interact with often.
This partnership aims to make cryptocurrencies more user-friendly and encourage more people to use them. It helps both new and experienced users by making transfers faster and easier.
From 2023 till date, ENS has made some progress in the space. In late 2023, the governance process and oversight over the ENS protocol were fully transferred to the ENS DAO.
Two months ago, ENS Labs announced plans to bring the Ethereum Name Service to Layer 2
This means that ENS token holders now have the power to steer the development of Ethereum Name Systems through voting procedures.
The ENS DAO also solved day-to-day issues, such as approving the sale of $16M worth of ETH to fund the work of the DAO. This decision was made by voting with ENS tokens.
The derivatives market for ENS has seen a surge in activity, with open interest peaking at $153 million. This indicates growing investor interest and confidence in the long-term potential of ENS.
ENS Labs teamed up with Intercap to add “.box” domains to their ENS Manager App. This is the first time a domain name approved by ICANN (the organization that controls web addresses) has been added to the app.
A “.box” domain is like a special website address that works with blockchain technology, allowing users to control their online identity, email, and Web3 activities all in one place.
