Share this article
ENS Token Jumps 50% as Vitalik Buterin Hails It as 'Super Important'
The token touched the highest level since April and volume increased more than 600%.
Updated Apr 9, 2024, 11:12 p.m. Published Jan 3, 2024, 2:55 p.m.
ENS, the governance token of the Ethereum Name Service project, surged by more than 50% on Wednesday after Ethereum co-founder Vitalik Buterin said the service is "super important."
"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. ENS is super-important, it needs to be affordable!" Buterin wrote on X. L2s refers to layer-2 blockchains that help scale a base, layer-1, blockchain with faster, cheaper transactions.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
ENS is currently trading at $12.54, its highest level since April, having bounced from a low of $8.50 earlier today, according to CoinMarketCap.
Ethereum Name Service is a platform that lets users buy a domain name on the Ethereum blockchain. These domains can then be used to transfer and receive funds, replacing the alphanumeric wallet address. There are currently 2.1 million registered ENS domains, with 800,000 unique participants, according to Dune Analytics.
Advertisement
Vitalik argued that layer-2 blockchains should incorporate ENS domains to improve the user experience across decentralized finance (DeFi).
Volume for ENS trading pairs increased by 674% to $167 million on Wednesday.
More For You
More For You
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
Top Stories
