ENS Token Soars 64% After Vitalik Buterin's Endorsement

ENS Token Soars 64% After Vitalik Buterin’s Endorsement

Buterin emphasizes ENS importance and urges Layer-2 blockchains to adopt trustless CCIP resolvers for cost-effective ENS subdomains.

Written By:
Ronak Kumar

Last updated: January 3, 2024 4:58 PM

Published January 3, 2024 4:58 PM

Last updated: January 3, 2024 4:58 PM

Published January 3, 2024 4:58 PM

The governance token of Ethereum Name Service (ENS), ENS, experienced a remarkable 64% surge following an endorsement from Ethereum co-founder Vitalik Buterin.

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!https://t.co/Ice1lTttFE
— vitalik.eth (@VitalikButerin) January 3, 2024

Buterin stressed the significance of ENS and called on Layer-2 blockchains (L2s) to create trustless CCIP resolvers for cost-effective ENS subdomains.

ENS, which enables domain name purchases on the Ethereum blockchain, saw its value rise to $13.98, reaching its highest point since April and recovering from an earlier dip to $8.50.

Presently, there are 2.1 million registered ENS domains with 800,000 unique participants. Buterin advocated for the integration of ENS domains into Layer-2 blockchains to enhance user experiences in decentralized finance (DeFi).

The trading volume for ENS experienced a substantial 674% increase, reaching $167 million on Wednesday, indicating a growing interest in the market.