ENS Token Spikes by 70% After Vitalik Buterin’s Post Calling it “Super Important”

The governance token of the Ethereum Name Service (ENS), ENS, surged by as much as 72% on January 3 after Ethereum co-founder Vitalik Buterin mentioned it in a post on X. Buterin wrote that ENS is "super important" and emphasized the need for the service to remain accessible and affordable to all users of the Ethereum network, especially those on layer-2 networks.

Buterin said:

"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."

Buterin's comments highlight the importance of ENS in the Ethereum ecosystem, as it provides a user-friendly way to interact with the network. ENS allows users to purchase a ".eth" domain name, which can replace the complex string of letters and numbers that typically comprise a user's wallet address.

Shortly after Buterin's tweet, the price of ENS surged from a yearly low of $8.50 to reach an eight-month high of $14.69, according to CoinMarketCap data. The price has since leveled out and is currently trading at around $13. The ENS token has been on a downward trend since reaching an all-time high of $74.25 in November 2021.

ENS is an essential part of the Ethereum ecosystem, and Buterin's support is a major boost for the project. His comments underscore the importance of making ENS accessible and affordable to all users, particularly those on layer-2 networks.

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