ENS Sees 39.1% Increase Following Vitalik Buterin’s Endorsement
After a recent post by Vitalik Buterin mentioning Ethereum Name Service (ENS), the token experienced a significant surge in price. This occurred on a day when the overall market was down.
The Importance of Trustless CCIP Resolvers for Layer 2 Solutions
In his post, Buterin highlights the significance of trustless, Merkle-proof-based CCIP resolvers for Layer 2 (L2) solutions. He emphasizes the need for ENS subdomains to be directly registrable, updateable, and readable on L2s. Keeping ENS affordable is also stressed.
Shortly after this announcement, Ethereum Name Service (ENS) saw its price surge to $13.94. The trading volume within 24 hours reached $313,149,461. This represents a 39.3% increase in price over the past 24 hours and a 26.6% rise in the last seven days.
Currently, Ethereum Name Service has a circulating supply of 30 million ENS tokens, with a market cap of $404,049,922.
ENS was initially developed on the Ethereum blockchain as a decentralized naming system. Its purpose is to allow users to acquire human-readable names like “bob.eth” and associate them with addresses, content hashes, and metadata. Interestingly, while the rest of the market is down today, ENS has seen significant growth.
Hot Take: The Power of Buterin’s Endorsement for ENS
Vitalik Buterin’s endorsement of Ethereum Name Service has had a remarkable impact on its price and market performance. This demonstrates the influence that Buterin’s statements can have within the crypto community. The surge in value highlights the potential for growth and adoption of ENS, especially with its focus on trustless CCIP resolvers and affordability. As the market continues to evolve, it will be interesting to see how ENS and other projects endorsed by influential figures in the industry fare.
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