ENS Token Skyrockets: Vitalik Buterin’s Praise Sparks 72% Surge

The Ethereum Name Service (ENS) token had a big increase. It rose 72% to reach $14.7, the highest level in eight months. This rise was started by none other than Ethereum co-founder Vitalik Buterin, who used X (previously Twitter) on January 3 to talk about the good things about ENS. Buterin highlighted the key part ENS plays in Ethereum’s network and pointed out the importance of keeping it easy for all users, especially when dealing with 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.

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

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

Buterin wrote a short but strong message on Twitter. He asked layer-2 networks like Optimism, Arbitron, and Polygon MATIC to focus more on making trustless solvers based on Merkle proofs for CCIP. Buterin says this tactic would help people sign up, change, and read ENS subdomains directly on layer-2 networks. This should greatly improve how much the network can grow in the future.

People reacted fast and strongly to Buterin’s approval. The ENS token, today is $13.11 USD with a 24-hour trading volume of $557,312,170 USD. This was a big change from its old record-high price of $74.25 on Nov 28, 2021. This also happened when the whole market for digital money started going downwards.

Promoting ENS Decentralization

The ENS helps people buy a “.eth” domain name. It makes handling long letters and numbers in cryptocurrency transactions simpler. This new thought simplifies getting and sending money within Ethereum’s network, making it better for people.

In a plan made in September 2021, Buterin suggested websites charge an extra three percent fee called the “Harberger” tax. This plan helps people get or use multiple names more easily, allowing more users and equal sharing for ENS addresses.

Buterin promises that ENS will always be easy and cheap for everyone, including special layer-2 networks. It somewhat essentializes it. Buterin’s praise for ENS made it more popular. People liked what he said, which brought about an extra value to it, too. This is strong because ENS plays a big role in the changing world with technology that no one group can control.

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