On November 28, ENS broke through 35 USD, currently quoted at 34.36 USD, with a 24-hour increase of 56.66%!
ENS Project Introduction
Ethereum Name Service (ENS) is a distributed, open, and scalable domain name system based on Ethereum. ENS maps human-readable names (like 'alice.eth') to machine-readable identifiers, such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. ENS also supports 'reverse resolution', allowing metadata (such as canonical names or interface descriptions) to be associated with Ethereum addresses. ENS has similar goals to the internet's Domain Name System (DNS), but its architecture differs significantly due to the functionalities and limitations provided by Ethereum.
Tags: Infrastructure DID Domain Name Service
Ecosystem (1): Ethereum
Establishment Date: 2018
- Heat value change trend -
According to recent developments, the parent company of Ethereum Name Service (ENS), ENS Labs, plans to launch its own L2 network Namechain, expected to go live around the end of 2025. (ENS, as a decentralized domain service, can further expand its application scope through Namechain, not limited to the Ethereum ecosystem but becoming a cross-chain identity solution.)
Why did ENS explode?
1. The sector will eventually rotate.
From the market situation over the past two days, it is evident that after Bitcoin surged, the profits flowed into other coins.
First, the focus was on new and old public chains and layer 2 infrastructures, for example:
FTM DOT SUI SOL ADA and others rose about 50-100%.
Next, to the application layer, for example: ENS UNI LINK ZRO JUP
Then to other altcoins, for example:
1. Strong rebound (has dropped a lot, feels like it can't drop further) 2. Relatively decentralized holdings, with many unlocked, good liquidity (depending on the explanation) 3. Top players in the field (like inscriptions and others) 4. The narrative is still present, continuously building (the project team keeps talking without manipulating the market)
2. Ethereum ecosystem tokens are rising broadly.
When Ethereum rebounded 75 points from its lowest point, the market seemed to begin to realize that Ethereum season had arrived. For example, ENS, UNI, AAVE, and other major players in the Ethereum ecosystem have been performing well.
Wintermute analysts mentioned: Funds are shifting from Bitcoin to Ethereum, and the derivatives market indicates that investors expect Ethereum to rise further.
Observing the total3 position, it is close to the high from 24 years ago. One hypothesis: Only when the king of altcoins breaks through the high from 24 years ago will the Ethereum ecosystem usher in a more violent season. By then, total3 will also break through the high from 24 years ago and will need to find new resistance levels.
3. Whale activity
Just 4 hours before the surge, a long-term holder returned after 5 months of inactivity and deposited 50K ENS (1.66 million USD) to Binance, realizing a profit of 968K USD.
This whale accumulated 322,739 ENS at about 13.86 USD in 2022, unloaded 272,739 ENS at about 20.75 USD since January 2024, and now holds 50K ENS with an estimated total profit of 2.9 million USD (+65%).
How long will the ENS craze last?
ENS is a token favored by Vitalik Buterin and is closely related to ETH. After ETH began to recover, ENS started a wave of accumulation and accelerated rise, with trading volume also skyrocketing, gaining 43.6% within a week!
Additionally, the introduction of staking features in Ethereum spot ETFs will directly benefit ETH, significantly amplifying the investment appeal of Ethereum spot ETFs. Perhaps this is also one of the reasons ETH has been relatively strong recently. Therefore, ENS can also leverage this to rise.