Vitalik Buterin Blessing Boosts ENS Price: Token Soars On ‘Super Important’ Label

Christian Encila

1 year ago

3 mins read

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ENS, which stands for the Ethereum Name Service, witnessed a phenomenal increase of more than 50% in the value of its governance token on Wednesday.

The abrupt increase in price may be ascribed to the influential endorsement provided by Vitalik Buterin, one of the co-founders of the Ethereum blockchain.

Investors were energized and the ENS token reached unprecedented heights as a result of Buterin’s unequivocal declaration concerning the project’s importance.

Buterin’s Endorsement: ENS And Ethereum’s Future

With Buterin calling ENS “super important”, the project’s potential influence on the Ethereum community and the decentralized web is clear.

The endorsement of Buterin frequently acts as a catalyst for increased interest and investment in the cryptocurrency and blockchain industries, where his words carry considerable weight.

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!https://t.co/Ice1lTttFE

— vitalik.eth (@VitalikButerin) January 3, 2024

The Ethereum Name Service initiative offers a decentralized domain name system and is renowned for its contribution to the Ethereum ecosystem’s user experience simplification and improvement.

ENS simplifies blockchain interactions by linking human-readable names to complex Ethereum addresses, thereby increasing accessibility and user-friendliness.

The current value of the ENS token, according to the most recent update, is around $14.37, representing a significant increase of 40% over the past 24 hours.

Notably, the token has maintained a robust 50% increase over the past week, accumulating an impressive market capitalization of around $423.20 million.

ENSUSD currently trading at $15.596 on the daily chart: TradingView.com

During the same 24-hour period, the trading volume of the ENS token reached an impressive value of over $360 million, showing a heightened level of market activity.

According to CoinMarketCap, the current trading price of ENS has risen from a low of $8.50 on Wednesday to its highest level since April.

The considerable volume of transactions highlights the ever-changing characteristics of the market, as investors proactively participate in purchasing and selling in reaction to the latest advancements and endorsements within the ENS ecosystem.

Source: Coingecko

Token Metrics And Buterin’s Support

ENS presently has a circulating quantity of 30 million tokens, resulting in a market capitalization of over $404 million.

Buterin emphasized in a statement on X the necessity for all Layer-2 solutions to concentrate on the development of trustless, Merkle-proof CCIP resolvers. The objective of this endeavor is to facilitate the registration, modification, and perusing of ENS subdomains directly on Layer-2 blockchains.

Buterin underscored the significance of ENS, pointing out the imperative for cost-effectiveness in its functioning. The designation “L2s” refers to blockchains at the most fundamental layer, Layer-2, which significantly improves the scalability of a Layer-1 blockchain by enabling transactions to occur at a quicker pace and at a lower cost.

Buterin brought attention to the markets’ need for universal name systems by describing ENS as extremely crucial, highlighting their importance to the blockchain experience.

Featured image from ICRYPEX

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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