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Ethereum Breakthrough: GoDaddy Teams Up With ENS

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In a significant development for Ethereum Name Service [ENS] users, GoDaddy, the world’s largest domain registrar, has entered into a collaboration with the blockchain-based naming system. This partnership marks a major stride towards integrating the ENS ecosystem with mainstream domain registration services, bringing the capabilities of Web3 to GoDaddy’s extensive user base.

To facilitate a seamless experience for its customers, GoDaddy has introduced a dedicated section within its domain management interface. This innovative feature allows users to effortlessly associate an Ethereum address with their domain names, fostering integration with numerous applications across the Web3 landscape. The process is designed to be user-friendly, requiring no additional expenses or technical expertise.

Ethereum
Ethereum Breakthrough: GoDaddy Teams Up With ENS 2

Once configured, these domain names can serve as substitutes for Ethereum addresses in various web3 applications, spanning wallets, block explorers, NFT marketplaces, and more. This move aligns with ENS’s historical role of complementing existing internet infrastructure, with the added benefit of avoiding the substantial transaction fees previously associated with importing DNS names into ENS.

A notable milestone in this collaboration is the integration of gasless DNSSEC, a feature introduced through ENS DAO’s approval of EP5.1 on January 29. This feature enables the utilization of DNS domains in ENS without incurring transaction fees. GoDaddy stands out as the inaugural registrar to embrace this innovative addition to the ENS ecosystem.

The strategic alliance between GoDaddy and ENS aligns with the vision outlined by Ethereum co-founder Vitalik Buterin in the ENS documentation. Buterin emphasized the potential efficiency gains that domain names could bring to layer 2 solutions on the Ethereum network.

Ethereum’s Efficiency Overhaul

Notably, he called for layer 2 solutions to operate on trustless, Merkle-proof-based CCIP resolvers and stressed the importance of making ENS affordable by allowing subdomains to be registerable, updateable, and readable directly on layer 2 solutions.

This collaborative effort is part of a broader initiative outlined in the ENS documentation, emphasizing the necessity for ENS to offer resolution services across the entire Layer 2 ecosystem. The goal is to empower ENS users to leverage the efficiencies provided by layer 2 solutions.

Following Vitalik’s recommendations, the ENS team and the wider ENS and Layer 2 community have been actively engaged in developing a “Layer 2 bridge.” This initiative underscores the commitment to further integrate ENS with existing infrastructure and enhance its accessibility and utility in the evolving Web3 landscape.

Multiple DeFi Protocols Compromised In GoDaddy Hack

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Multiple DeFi Protocols were compromised after unknown attacker/s managed to exploit a vulnerability in the world’s biggest domain registrar Godaddy. There were unconfirmed reports that the hacker might have used Godaddy’s account recovery method to target the crypto domains.

Polygon-based DEX QuickSwap which was among the affected sites has regained access and stopped the phishing attack. It also mentioned that its funds were unaffected and were assisting other projects in “defending against this large-scale DeFi attack.”

One of Fantom’s biggest DeFi exchanges SpiritSwap managed to take quick action as the anonymous hacker manipulated the swap parameters and was able to take away not more than $18,000.

The DEX then provided another update stating that they have disabled swapping to prevent hackers from further stealing and assured that contracts and funds are safe but domain spiritswap.finance has been compromised.

SpiritSwap has suspended transactions, as of press time.

On the price front, Fantom’s native token FTM shed over 30% but recovered by 12.5% in the last 24 hours and is now trading at $0.36.

If we look at FTM’s history, the recent incident is Fantom’s fourth major hack in the past three months. In April, this year, FTM-based protocol Deus Finance succumbed to a flash loan exploit leading to a massive loss of over $13 million.

Prior to that, another FTM-run DeFi platform Fantasm lost more than $2 million in an exploit.

GoDaddy Hack used to redirect swapped funds across DeFi protocols

Given that several crypto projects use Godaddy to host their domains, the full extent of the damage is not clear at the time of writing this post.

That said, this is different from the recent “Coinzilla Ad Hack” where an ad caused a popup on sites like CoinGecko or Etherscan and when clicked, can drain one’s wallet. Here the attacker used the hosting platform GoDaddy appears to redirect swapped funds on DEXes like QuickSwap, and SpiritSwap.

As reported by TronWeekly, on 13th May, several other major crypto platforms were attacked in a phishing attempt. CoinGecko, EtherScan, and Dextools all warned users against malicious popups encouraging them to connect their MetaMask wallets.