ENS Token Surges Over 50% Following Vitalik Buterin's Endorsement

According to CoinDesk, the Ethereum Name Service (ENS) governance token experienced a surge of more than 50% on Wednesday after Ethereum co-founder Vitalik Buterin expressed his support for the project. Buterin stated that the service is 'super important' and encouraged layer-2 (L2) blockchains to work on trustless, merkle-proof-based CCIP resolvers. This would enable ENS subdomains to be registered, updated, and readable directly on L2s, making them more affordable. ENS is currently trading at $12.54, its highest level since April, after bouncing back from a low of $8.50 earlier in the day. The Ethereum Name Service is a platform that allows users to purchase domain names on the Ethereum blockchain, which 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. Buterin argued that incorporating ENS domains into L2 blockchains would enhance the user experience across decentralized finance (DeFi). Trading volume for ENS pairs increased by 674% to $167 million on Wednesday. The article was edited by Sheldon Reback.