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.