ENS vs. Manifold Finance: $300K Settlement Approved Over “eth.link” Domain

The post ENS vs. Manifold Finance: $300K Settlement Approved Over “eth.link” Domain appeared first on Coinpedia Fintech News

Here’s some positive news! Ethereum Name Service (ENS) has emerged victorious after an 18-month legal battle with Manifold Finance. The recent resolution, backed by a significant 88% vote from ENS DAO (decentralized autonomous organization) members, finally puts an end to the gripping dispute that has been closely followed by the crypto community.

Here’s what happened.

Settlement Secured: ENS Claims Victory!

After enduring a lengthy legal struggle, ENS has successfully settled its ownership dispute with Manifold Finance over the eth.link domain. The agreement, supported by an overwhelming 88% of votes from ENS DAO members, provides closure to the prolonged uncertainty surrounding this matter.

Under the settlement, ENS Labs retains ownership of the valuable eth.link domain. In a strategic move, the lawsuit against Manifold Finance is dropped. Notably, 84% of voters favor allocating a $750,000 refund to ENS Labs, offering financial relief for the extensive legal battle.

https://t.co/tpR0rT37zf was just sniped by us.

Services to be restored once ownership transfer complete. #Ethereum #ENS

— Manifold Finance (@foldfinance) September 3, 2022

The Domain Drama

This dispute originated in September 2022 when GoDaddy, the previous registrar, allowed the eth.link domain to expire. Manifold Finance seized the opportunity, acquiring the domain through a Dynadot auction, setting the stage for a legal showdown.

ENS Labs initiated legal action against Manifold Finance, GoDaddy, and Dynadot in an Arizona District Court. A pivotal court order was issued, preventing the transfer of the domain outside ENS Labs’ ownership. Nick Johnson, the visionary behind ENS, revealed that Manifold Finance proposed a $300,000 settlement, coupled with confidentiality clauses and a commitment to refrain from defamation.

Bridging Blockchain Naming Systems

Functioning similarly to traditional DNS, ENS distinguishes itself by operating on the blockchain. This innovative approach allows browsers to seamlessly connect domain names to IP addresses. The eth.link domain plays a crucial role in the .eth ENS domain, facilitating the integration of blockchain-based naming systems with the traditional web infrastructure.

The settlement underscores the importance of clearly defined ownership rights in decentralized systems.