An Ethereum (ETH)-based altcoin is exploding in value after ETH founder Vitalik Buterin said the project is vital to the crypto ecosystem.
Buterin tells his five million followers on the social media platform X that all layer-2 (L2) projects should integrate with Ethereum Name Service (ENS), a platform that lets users buy a “domain name” on the Ethereum blockchain rather than using default addresses.
The domain names on ENS can be used to transfer and receive funds instead of using alphanumeric wallet addresses.
Says Buterin,
“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!”
According to data from blockchain data platform Dune Analytics, there are about 2.14 million active ENS names and more than 801,000 unique participants.
Layer-2s, such as Optimism (OP) or Arbitrum (ARB), are built on top of Ethereum to improve scalability and costs.
CCIP, or cross-chain interoperability protocol, is a protocol that allows for the resolution of information on or off-chain from the Ethereum Virtual Machine (EVM).
In the past 24 hours, ENS was trading at a low of $8.88. After Buterin’s social media post, ENS soared to $14.20, a nearly 60% gain. ENS has since given up some of those gains and is trading for $12.82 at time of writing.
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Featured Image: Shutterstock/klyaksun/monkographic