The governance token of Ethereum Name Service (ENS) saw a 72% increase on January 3rd after receiving praise from Vitalik Buterin, the co-founder of Ethereum.
ENS is a domain management platform on the Ethereum network that allows users to purchase and own “.eth” domain names instead of sending and receiving funds using complex wallet addresses. This makes transactions on the Ethereum network more user-friendly.
In a social media post, Buterin lauded ENS as “extremely important” and emphasized that this service should be accessible and affordable for all Ethereum network users, especially those on layer-2 networks.
He also mentioned the need for trustless, merkle-proof-based CCIP resolvers on layer-2 networks to support secondary ENS domains that can be registered, updated, and accessed directly on these networks.
Following Buterin’s praise, the price of the ENS token surged from its yearly low of $8.50 to over 72%, reaching $14.70 within 8 hours. However, the price subsequently corrected and is currently trading at $12.90.
ENS reached an all-time high of $74.25 on November 28, 2021, coinciding with the broader cryptocurrency market’s downturn.
Vitalik Buterin’s praise has sparked interest and boosted the price of the ENS token, highlighting the platform’s significance in providing utility and convenience to Ethereum network users.