ENS rises nearly 40% following Vitalik Buterin endorsement

Following a Jan. 3 post on X from Vitalik Buterin mentioning Ethereum Name Service, the token saw a 39.1% increase on an otherwise down day for the market.

In the post on X, Buterin emphasizes the importance of trustless, Merkle-proof-based CCIP resolvers for Layer 2 (L2) solutions. He stressed the need for ENS subdomains to be registrable, updateable, and readable directly on L2s, emphasizing the significance of keeping ENS affordable.

Shortly after the announcement, Ethereum Name Service (ENS) experienced a price surge to $13.94, accompanied by a 24-hour trading volume of $313,149,461. This reflects a 39.3% price increase in the last 24 hours and a 26.6% rise over the past seven days.

With a circulating supply of 30 million ENS, the market cap of Ethereum Name Service is currently valued at $404,049,922.

The decentralized naming system built on the Ethereum blockchain was initially created to enable users to acquire human-readable names like “bob.eth” and associate them with identifiers such as addresses, content hashes, and metadata, its value carrying it in the opposite direction from the rest of the market which is down today.