Ethereum

2024

Gary

Ethereum Name Service

<div class="cryptonews">
 <p class="is-style-lead">Ethereum Name Service (ENS) is enjoying bullish momentum in 2024 thus far, gaining 96% over the past week, per CoinGecko data.</p>
 <p>The surge comes after ENS experienced a massive drawdown in 2023 due to the longstanding crypto winter and regulatory uncertainties.</p>
 <p>In June, ENS witnessed a bloodbath triggered by regulatory actions against leading exchanges, hitting a five-year low of $6.69. ENS started sliding from its all-time high of $83.40 on Nov. 11, 2021, ending with a cycle low. The bear market continued till 2023.&nbsp;</p>
 <p>At the time of writing, ENS is exchanging hands for $24.8, representing a 96 % increase in the past seven days. With a circulating supply of 31 million ENS, the project’s market cap stands at $761 million.&nbsp;</p>
 <p>This resurgence indicates a positive trend for ENS, emphasizing its resilience in the ever-evolving crypto landscape.</p>
 <p>For the uninitiated, Ethereum Name Service (ENS) is a decentralized naming system on the Ethereum blockchain It allows users to acquire human-readable names like “bob.eth” and link them to identifiers such as addresses, content hashes, and metadata. Unlike traditional DNS, ENS domains are governed by smart contracts and a DAO, reflecting a departure from centralized authority.</p>
 <p>Vitalik Buterin, the Ethereum co-founder, has emphasized the significance of layer-2 blockchains incorporating ENS domains.&nbsp;</p>
 <p>His call for trustless, Merkle-proof-based CCIP resolvers aims to enable ENS subdomains to register, update, and be readable directly on layer-2 solutions. This move aligns to make ENS more affordable and underscores its importance in the evolving crypto ecosystem.</p>
 <p>It will be recalled that the recent Spot Bitcoin ETF approval triggered a 55% price increase for ENS token last week, with Ethereum (ETH) breaking above $2,400 on January 10.&nbsp;</p>
 <p>Buterin advocates for the adoption of ENS domains in decentralized finance. His vision is rooted in enhancing user experiences across various layer-2 solutions by integrating ENS domains. This aligns with the broader industry trend of seeking faster and more cost-effective transactions.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC chair Gary Gensler assures no breach after X hack
 </div>
 <p>ENS enables users to purchase domain names on the Ethereum blockchain, offering a more user-friendly alternative to alphanumeric wallet addresses.&nbsp;</p>
 <p>ENS has made its unique niche with 2.1 million registered domains and 800,00 participants where efficient fund transfers are enabled.</p>
 <p>Despite the recent approvals of bitcoin spot ETFs, SEC Chair Gary Gensler expressed wariness towards an Ethereum ETF.&nbsp;When mentioning Bitcoin’s status as a non-security commodity token, Gensler did not give any hint about the classification of Ethereum.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> BlackRock’s Larry Fink points to value in Ethereum ETFs, crypto asset class
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-name-service-up-by-96-this-week-tbt76566.html">https://thebittimes.com/ethereum-name-service-up-by-96-this-week-tbt76566.html</a></p>

Ethereum Name Service up by 96% this week

TheBitTimes

Other articles published on Jan 15, 2024

Celsius Crypto: Despite Bearish Technicals, Can CEL Crypto Rise?

Ethereum PoS validator count falls to YTD low: What’s next?

OpenSea Eyes Mega Revamp to Accommodate Solana NFTs

2023 Anti-Money Laundering Trends in Blockchain

Hedera Allocates 4.86B $HBAR Token to Ecosystem Development

Indicator Signals Altcoin Season: Is Solana (SOL) Ready for Next Leg Up?

Join our free newsletter for daily crypto updates!