Ethereum DeFi projects are expected to rise by 50X according to data analysts. Reportedly, the total number of protocol users in Ethereum DeFi is at 898,598. Since the numbers have not touched 1 million, the expectation is that there is still potential for growth.
Meanwhile expectation is brewing for the Ethereum price to take a bull run. The recent price movement for the asset is positive and this has added hope to investors. Despite some traders are not confident about Ethereum price being able to follow the steps of Bitcoin rally towards touching new highs.
Meanwhile The Ethereum Foundation are funding a new wave of grants to create new tools, documentation, and resources to provide for improved staking and validator experience.
In this regard, Sydney Ifergan, the crypto expert tweeted: “Ethereum Foundation are very clear that for ETH to be on the top there is a need for continual innovation and they are doing just that.”
Ethereum Name Service and NFTs
For those who do not know Ethereum Domains, it is also known as Ethereum Name Service (ENS). ENS are human readable names in the Ethereum ecosystem. These names look a lot like the DNS (Domain Name Server) addresses which we use today.
The “.eth” domain name is obtained by creating a wallet on MyEtherWallet, then checking the domain name availability, entering the bid parameters for the .eth domain name, and confirming the screen for the .eth domain name, and further confirming the bid for the blockchain on the domain name, revealing the bid in the ENS section and confirming the bid details.
Rafael Villegas tweeted: “Hi, question: if I registered back in 2017 an Ethereum domain name, should I have done some re-registration at this point? Seems like they are talking of charging $5 per year and converting these Domains into NFTs, but is this just a plan still? Do I need to do something? Thx.”
So, several users have been using these domain names for different of their projects and the current concern is if they are going to charge $5 and converting these domains in to NFT. Not Sure!
When looking at the FAQ of the Ethereum Name Service it reads: “Yearly renewals cost $5/year for names that are 5 characters or longer. 4 character names cost $160/year, and 3 character names cost $640/year. Fees are paid in ETH.”
The EIPs of the main website reads: “ETH names are ERC721-compliant NFTs.”