Ethereum

2024

Arbitrum

Ethereum Name Service

<p>The governance token of the Ethereum Name Service (ENS) experienced a remarkable surge of 72% in value on January 3rd, following an endorsement from Ethereum co-founder Vitalik Buterin.&nbsp;</p>
<p>In a social media post, Buterin praised ENS as “super important” and <a href="https://twitter.com/VitalikButerin/status/1742540651797823948" rel="noopener noreferrer nofollow" target="_blank">emphasized</a> the importance of maintaining accessibility and affordability for all users of the Ethereum network, particularly those on layer-2 networks.</p>
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   <p lang="en" dir="ltr">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.<br><br>ENS is super-important, it needs to be affordable!<a href="https://t.co/Ice1lTttFE" rel="noopener noreferrer nofollow" target="_blank">https://t.co/Ice1lTttFE</a></p>— vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1742540651797823948?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">January 3, 2024</a>
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<h2 class="wp-block-heading" id="vitalik-buterin-s-endorsement">Vitalik Buterin’s endorsement</h2>
<p>Vitalik Buterin’s endorsement of the Ethereum Name Service highlighted the platform’s significance within the Ethereum ecosystem. He specifically called for layer-2 networks, such as Optimism (OP), Arbitrum (ARB), and Polygon, to enable the registration of <a href="https://www.cryptopolitan.com/the-ultimate-guide-ethereum-name-service-ens/" rel="noopener noreferrer nofollow">ENS</a> addresses. By doing so, Buterin aims to enhance the user experience and accessibility of ENS across various scaling solutions.</p>
<p>Following Vitalik Buterin’s endorsement, the price of the ENS token experienced a surge, reaching an eight-month high of $14.7 from a yearly low of $8.50, according to CoinMarketCap data.&nbsp;</p>
<p>While the price has stabilized, it is trading at $12.9 at publication. This surge in value reflects the positive sentiment generated by Buterin’s endorsement and the potential for increased adoption of ENS.</p>
<h2 class="wp-block-heading" id="ens-and-its-role-in-the-ethereum-ecosystem">ENS and its role in the Ethereum ecosystem</h2>
<p>The Ethereum Name Service (ENS) simplifies user interactions within the Ethereum network. It allows users to purchase ” .eth” domain names, which can replace the complex alphanumeric wallet addresses. This simplification makes transferring and receiving funds on the Ethereum network easier, enhancing usability and accessibility.</p>
<p>In September 2022, Vitalik Buterin proposed a 3% tax on ENS domain names, known as the “Harberger” tax proposal. Buterin’s rationale behind this proposal is to prevent early users from hoarding domain names solely for profit maximization.</p>
<p>By implementing this tax, Buterin aims to promote wider adoption and more decentralized ownership of ENS addresses, aligning with Ethereum’s principles of accessibility and decentralization.</p>
<p>ENS reached its all-time high price of $74.25 on November 28, 2021, when the broader cryptocurrency market was experiencing a downturn, entering an industry-wide bear market. Despite the market conditions, ENS demonstrated its resilience and continued attracting attention from users and investors.</p>

Ethereum Name Service (ENS) governance token surges 72% following Vitalik Buterin’s praise

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