Vitalik Buterin Blessing Boosts ENS Price: Token Soars On ‘Super Important’ Label
04 Januar 2024 - 9:37AM
NEWSBTC
ENS, which stands for the Ethereum Name Service, witnessed a
phenomenal increase of more than 50% in the value of its governance
token on Wednesday. The abrupt increase in price may be ascribed to
the influential endorsement provided by Vitalik Buterin, one of the
co-founders of the Ethereum blockchain. Investors were energized
and the ENS token reached unprecedented heights as a result of
Buterin’s unequivocal declaration concerning the project’s
importance. Related Reading: SEI What? Token Rules Top 100 Listing
With 80% Rally As Crypto Market Wobbles Buterin’s Endorsement: ENS
And Ethereum’s Future With Buterin calling ENS “super important”,
the project’s potential influence on the Ethereum community and the
decentralized web is clear. The endorsement of Buterin frequently
acts as a catalyst for increased interest and investment in the
cryptocurrency and blockchain industries, where his words carry
considerable weight. 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 The Ethereum Name Service initiative offers a
decentralized domain name system and is renowned for its
contribution to the Ethereum ecosystem’s user experience
simplification and improvement. ENS simplifies blockchain
interactions by linking human-readable names to complex Ethereum
addresses, thereby increasing accessibility and user-friendliness.
The current value of the ENS token, according to the most recent
update, is around $14.37, representing a significant increase of
40% over the past 24 hours. Notably, the token has maintained
a robust 50% increase over the past week, accumulating an
impressive market capitalization of around $423.20 million. ENSUSD
currently trading at $15.596 on the daily chart: TradingView.com
During the same 24-hour period, the trading volume of the ENS token
reached an impressive value of over $360 million, showing a
heightened level of market activity. According to CoinMarketCap,
the current trading price of ENS has risen from a low of $8.50 on
Wednesday to its highest level since April. The considerable volume
of transactions highlights the ever-changing characteristics of the
market, as investors proactively participate in purchasing and
selling in reaction to the latest advancements and endorsements
within the ENS ecosystem. Source: Coingecko Token Metrics And
Buterin’s Support ENS presently has a circulating quantity of 30
million tokens, resulting in a market capitalization of over $404
million. Buterin emphasized in a statement on X the necessity
for all Layer-2 solutions to concentrate on the development of
trustless, Merkle-proof CCIP resolvers. The objective of this
endeavor is to facilitate the registration, modification, and
perusing of ENS subdomains directly on Layer-2 blockchains. Related
Reading: Cardano In 2024: Dollar Dream Or Downward Spiral For ADA?
Buterin underscored the significance of ENS, pointing out the
imperative for cost-effectiveness in its functioning. The
designation “L2s” refers to blockchains at the most fundamental
layer, Layer-2, which significantly improves the scalability of a
Layer-1 blockchain by enabling transactions to occur at a quicker
pace and at a lower cost. Buterin brought attention to the markets’
need for universal name systems by describing ENS as extremely
crucial, highlighting their importance to the blockchain
experience. Featured image from Getty Images
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