ENS Token Rallies Over 70% After Vitalik Buterin’s Praise

• Buterin emphasized that the Ethereum Name Service is “super important” in a post.
• The price of the ENS token shot up from $8.50 to $14.7, an eight-month high.

After receiving accolades from Vitalik Buterin, co-founder of Ethereum, the governance token of the Ethereum Name Service (ENS) soared over 70% on January 3rd.

Buterin emphasized that the Ethereum Name Service is “super important” in a post he made on Twitter on January 3. He also emphasized that the platform should be inexpensive and available to all Ethereum users, particularly those on layer-2 networks.

Crucial to Scalability

The co-founder thinks that layer-2 networks, which are crucial to the scalability of the Ethereum network in the long run, should have the capacity to register ENS addresses in order to make them even more user-friendly.

Moreover, based on statistics from CoinMarketCap, the price of the ENS token shot up from $8.50, its annual low, to $14.7, an eight-month high, just after Buterin’s post. At the time of writing, ENS is trading at $14.98, up 46.24% in the last 24 hours as per data from CoinMarketCap.

On November 28, 2021, ENS reached a new all-time high of $74.25; however, at the same moment, the wider cryptocurrency market started to decline and quickly entered a long-lasting bear market.

A “.eth” domain name may be purchased by crypto users via the Ethereum Name Service. To simplify sending and receiving money on the Ethereum network, this may stand in for the complicated string of characters that users usually use for their wallet addresses.

Also, the “Harberger” tax notion, which Buterin put out in September 2022, was to impose a 3% tax on ENS domain names. Wider acceptance and decentralized ownership of ENS addresses would be enabled, according to Buterin, as this would stop early users from stockpiling domain names in an effort to maximize earnings.

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