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ENS Token Jumps 50% as Vitalik Buterin Hails It as 'Super Important'

The token touched the highest level since April and volume increased more than 600%.

Updated Apr 9, 2024, 11:12 p.m. Published Jan 3, 2024, 2:55 p.m.
Vitalik Buterin (CoinDesk)
Vitalik Buterin (CoinDesk)

ENS, the governance token of the Ethereum Name Service project, surged by more than 50% on Wednesday after Ethereum co-founder Vitalik Buterin said the service is "super important."

"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!" Buterin wrote on X. L2s refers to layer-2 blockchains that help scale a base, layer-1, blockchain with faster, cheaper transactions.

ENS is currently trading at $12.54, its highest level since April, having bounced from a low of $8.50 earlier today, according to CoinMarketCap.

Ethereum Name Service is a platform that lets users buy a domain name on the Ethereum blockchain. These domains can then be used to transfer and receive funds, replacing the alphanumeric wallet address. There are currently 2.1 million registered ENS domains, with 800,000 unique participants, according to Dune Analytics.

Vitalik argued that layer-2 blockchains should incorporate ENS domains to improve the user experience across decentralized finance (DeFi).

Volume for ENS trading pairs increased by 674% to $167 million on Wednesday.

Oliver Knight

Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.

picture of Oliver Knight