The governance token of the Ethereum Name Service (ENS), ENS, surged by as much as 72% on January 3 after Ethereum co-founder Vitalik Buterin mentioned it in a post on X.
The governance token of the Ethereum Name Service (ENS), ENS, surged by as much as 72% on January 3 after Ethereum co-founder Vitalik Buterin mentioned it in a post on X. Buterin wrote that ENS is "super important" and emphasized the need for the service to remain accessible and affordable to all users of the Ethereum network, especially those on layer-2 networks.
Buterin said:
"All L2s should be working on (trustless, merkle-proof-based) CCIP resolvers, so that we can have ENS subdomains registerable, updateable and readable directly on L2s."
Buterin's comments highlight the importance of ENS in the Ethereum ecosystem, as it provides a user-friendly way to interact with the network. ENS allows users to purchase a ".eth" domain name, which can replace the complex string of letters and numbers that typically comprise a user's wallet address.
Shortly after Buterin's tweet, the price of ENS surged from a yearly low of $8.50 to reach an eight-month high of $14.69, according to CoinMarketCap data. The price has since leveled out and is currently trading at around $13. The ENS token has been on a downward trend since reaching an all-time high of $74.25 in November 2021.
ENS is an essential part of the Ethereum ecosystem, and Buterin's support is a major boost for the project. His comments underscore the importance of making ENS accessible and affordable to all users, particularly those on layer-2 networks.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
