A tweet from Vitalik Buterin drives ENS price up 64%

[ad_1]

ENS, the governance token of the Ethereum Name Service project, surged more than 64% on Wednesday after Ethereum co-founder Vitalik Buterin said the service was “extremely important.”

“All L2 must run on a CCIP (zero-trust, Merkle proof-based) resolver, so that there can be ENS subdomains that can be registered, updated, and read directly on L2. ENS is very important, it needs to be affordable! ” Buterin wrote on X. L2 refers to Layer 2 blockchain, which helps expand the underlying Layer 1 blockchain with faster and cheaper transactions.

All L2 should run on a (untrusted, Merkle proof based) CCIP resolver so that we can register, update and read ENS subdomains directly on L2.

ENS is so important, it needs to be affordable!https://t.co/Ice1lTttFE

—vitalik.eth (@VitalikButerin) January 3, 2024

ENS is currently trading at $13.99, its highest since April, having rebounded from a low of $8.50 earlier today.

Source: TradingView

The Ethereum Name Service is a platform that allows users to purchase domain names on the Ethereum blockchain. These domains can then be used to transfer and receive funds, replacing alphanumeric wallet addresses. According to Dune Analytics, there are currently 2.1 million registered ENS domains with more than 800,000 unique participants.