ENS Token Jumps 50% as Vitalik Buterin Hails It as ‘Super Important’

ENS, the governance token of the Ethereum Name Service project, surged by more than 50% on Wednesday after Ethereum co-founder Vitalik Buterin said the service is “super important.”

“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!” Buterin wrote on X. L2s refers to layer-2 blockchains that help scale a base, layer-1, blockchain with faster, cheaper transactions.

ENS is currently trading at $12.54, its highest level since April, having bounced from a low of $8.50 earlier today, according to CoinMarketCap.

Ethereum Name Service is a platform that lets users buy a domain name on the Ethereum blockchain. These domains 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.

Vitalik argued that layer-2 blockchains should incorporate ENS domains to improve the user experience across decentralized finance (DeFi).

Volume for ENS trading pairs increased by 674% to $167 million on Wednesday.