ENS Token Soars Following Endorsement from Ethereum Co-Founder Buterin

By: Eliza Bennet

The Ethereum Name Service's (ENS) native token saw a dramatic price surge, defying overall market trends. News surrounding this bullish move points towards an endorsement from Ethereum co-founder, Vitalik Buterin, highlighting the platform's significance within the Ethereum ecosystem. Buterin referred to ENS as being 'super important', which seemed to have positively impacted the ENS token's market performance.

Following Buterin's endorsement, ENS experienced an overnight increase of over 40%, signalling a highly active market. The native DeFi token was trading at approximately $13.94, carrying a substantial market cap of around $423.20 million. Furthermore, the 24-hour trading volume stood firmly around $364.28 million.

The Ethereum domain-linked addresses collectively represent control over currencies amounting to approximately $277 million. This extensive sum includes notable crypto currencies such as ether, wrapped ether, USDC, and Uniswap tokens, testifying to the significant financial activity within the ENS ecosystem.

Last but not least, Buterin's endorsement mentioned a 'super important' need for Layer-2 blockchains to integrate ENS domains, as a way to improve user experience in the DeFi ecosystem. This, along with proposals involving a novel tax on ENS domain names, emphasizes the effort towards achieving wider brand adoption and decentralized ownership.