ENS token surges 70% as Vitalik Buterin lauds platform ‘super important’
The governance token of the Ethereum Name Service (ENS) surged as high as 72% on Jan. 3 after the domain platform received praise from Ethereum co-founder Vitalik Buterin.
In a Jan. 3 post to X (formerly Twitter) Buterin lauded the Ethereum Name Service as “super important” and reiterated that the service should remain accessible and affordable to all users of the Ethereum network, especially those on layer-2 networks.
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.
— vitalik.eth (@VitalikButerin) January 3, 2024
ENS is super-important, it needs to be affordable! https://t.co/Ice1lTttFE
“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,” said Buterin.
Buterin believes that layer-2 networks such as Optimism (OP), Arbitrum (ARB) and Polygon ( MATIC ) — which form an essential part of the Ethereum networks’ long-term scalability — should be able to register ENS addresses to further their ease of use.
The ENS token surged 72% in the wake of a tweet from Ethereum co-founder Vitalik Buterin. Source: CoinMarketCapShortly following Buterin’s tweet, the price of the ENS token surged from a yearly low of $8.50, climbing more than 72% to reach an eight-month of $14.7, per CoinMarketCap data . The price of ENS has since leveled out and is currently trading for $12.9 as of publication time.
ENS notched an all-time high of $74.25 on Nov. 28, 2021, around the same time that the broader crypto market began to tumble.
Related: ENS developers urge Unstoppable Domains to drop patents or face lawsuit
The Ethereum Name Service allows crypto users to purchase a “.eth” domain name. This can replace the complex string of letters and numbers that typically comprise 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, dubbed the “Harberger” tax proposal. Buterin said this would prevent the hoarding of domain names among early users looking to maximize profits, enabling wider adoption and more decentralized ownership of ENS addresses.
Magazine: Which gaming guild positioned itself best for the bull market?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Vitalik releases Milady’s Chinese name “米莱迪”
Nintendo expands its SNES collection with Fatal Fury 2 and two more games
Share link:In this post: Nintendo Switch Online expands its SNES Switch Online basic collection with three new games. The Japanese gaming company added Fatal Fury 2, Super Ninja Boy, and Sutte Hakkun. Gamers can also get tiered access to other prolific retro game platforms through online subscriptions.
Ripple requests an extended due date of April 16 for its brief in SEC case
Share link:In this post: Ripple asked for an April 16, 2025, deadline to file its brief in the ongoing SEC case over XRP sales. The SEC appealed a 2023 court ruling that said XRP retail sales weren’t securities, claiming the decision was flawed. Ripple’s legal team dismissed the SEC’s arguments as weak, while Better Markets backed the regulator, calling Ripple’s marketing misleading.
MicroStrategy to redeem $1.05B in 2027 convertible notes with share settlements
Share link:In this post: MicroStrategy redeems $1.05B in 2027 convertible notes, offering investors the option to convert into shares before February 20. The company recently bought $1.1B in Bitcoin, fueling speculation it may use redeemed funds for additional crypto purchases. MicroStrategy faces potential tax challenges on unrealized crypto gains under the Inflation Reduction Act, though exemptions may be possible.