ENS token rises by 70% as Vitalik Buterin praises platform ‘extremely important’
The Ethereum Name Service (ENS) administrative token rose more than 72% on January 3 after the domain platform received thanks from Ethereum co-founder Vitalik Buterin.
On January 3, via X (formerly Twitter), Buterin praised the Ethereum name service as “very important” and reiterated that the service must remain available and accessible to all users of the Ethereum network, especially those on Layer-2 networks.
All L2s should be running on (secure, merkle-proof) CCIP detectors, so that ENS subdomains can be registered, updated and read directly on L2s.
ENS is extremely important, must be affordable!https://t.co/Ice1lTttFE
— vitalik.eth (@VitalikButerin) January 3, 2024
Buterin “All must work on L2s (reliable, Merkle-evidence-based) CCIP solutions, we ENS subdomains can be registered, updated and read on L2s,” said Buterin.
Buterin believes that layer-2 networks such as Optimism (OP), Arbitrum (ARB) and Polygon (MATIC) – which are an important part of the long-term expansion of Ethereum networks – should be able to register ENS addresses to further increase their simplicity. of use.
Shortly after Buterin's tweet, the price of the ENS token hit a year-low of $8.50, climbing more than 72% to reach an eight-month high of $14.7, according to CoinMarketCap data. The price of ENS has since climbed and is currently trading at $12.9 at press time.
ENS hit an all-time high of $74.25 on November 28, 2021, at the same time that the broader crypto market began to decline.
Related: ENS developers urged to drop copyrights or face lawsuits over non-stop domains
The Ethereum Name Service allows crypto users to purchase “.eth” domain names. This can replace the complex string of letters and numbers that typically includes a user's wallet address, making it easier to transfer and receive funds between parties on the Ethereum network.
In September 2022, Buterin proposed introducing a 3% tax on ENS domain names, the “Harburger” tax proposal. According to Buterin, this prevents the hoarding of domain names among early adopters looking to maximize profits, allowing for wider adoption and more decentralized ownership of ENS addresses.
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