Ethereum Name Service (ENS) Booms After Vitalik Buterin's Call

The ENS is “super-important,” claims Vitalik Buterin. This is why the Ethereum co-founder is calling for Layer 2 solutions like Polygon and Optimism to utilize it to make it accessible and affordable for Ethereum network users. His call for the democratization of ENS address registration has also positively impacted the native cryptocurrency’s price of Ethereum Name Service. Although the price has stabilized at $12.9, the initial increase demonstrates the influence of Buterin and the optimism surrounding ENS.

Vitalik Buterin triggers a spectacular surge in ENS

After presenting the new Ethereum roadmap, Vitalik Buterin turns his focus to another topic: Ethereum Name Service. For him, it is time to democratize ENS, and Layer 2 networks such as Arbitrum, Polygon, and Optimism have a responsibility in this new direction.

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!https://t.co/Ice1lTttFE

— vitalik.eth (@VitalikButerin) January 3, 2024

According to Cryptopolitan, the governance token of Ethereum Name Service (ENS) experienced a spectacular rise of 72% on January 3rd. The praises from Ethereum’s co-founder, Vitalik Buterin, largely contributed to this bull run.

Indeed, he has called ENS “super-important” and urged for its integration into Layer 2 networks, such as Optimism and Polygon.

This momentum propelled the crypto’s price to new heights, reaching $14.7, its highest level in eight months, reflecting the enthusiasm and the potential for increased adoption of ENS.

A vital role in the Ethereum ecosystem

The Ethereum Name Service simplifies transactions by replacing complex alphanumeric addresses with “.eth” domain names. This simplification enhances the usability and accessibility of transactions on the Ethereum network.

It’s also worth mentioning that the Shiba Inu team has recently launched a domain name variation more suited to Web3: “.shib.”

Moreover, Vitalik Buterin’s proposal in September 2022 to impose a 3% tax on ENS domain names aims to discourage speculative hoarding and promote broader adoption and decentralized ownership. Thus, ENS is falling in line with the fundamental principles of Ethereum.

In summary, ENS has seen its value and legitimacy increase following Vitalik Buterin’s endorsement. The platform, at the heart of the Ethereum ecosystem, continues to play a crucial role in simplifying transactions. At the same time, it perfectly aligns with the principles of decentralization dear to the Ethereum community. Vitalik, in search of a new approach to better cement this decentralization, recently made the laughing stock of the Cardano community.