The developer called the service the best non-financial application in the ecosystem

Ethereum Name Service native token gains 47% after Buterin’s statement

21.05.2024 - 13:15

80

2 min

What’s new? On May 21, the rate of the native token of Ethereum Name Service (ENS) showed a sharp jump of 47%. The probable reason for the growth was the statement of Ethereum founder Vitalik Buterin, who called ENS the most successful non-financial application in the ecosystem.

Source: Twitter.com

What else is known? During a discussion with Ethereum wallet developer Soul Wallet, Buterin opined that the blockchain community needs an open, decentralized protocol to quickly move assets between Ethereum-based layer 2 (L2) networks. According to him, such a protocol should be integrated directly into the interface of wallets for sending funds. At the same time, the protocol should not have an operator and management system.

According to Buterin, the main problem for users now is that the L2 network system is not seamless. Implementing a dedicated protocol would allow for ease of token transfers, as well as the use of ENS and smart contract wallets.

Ethereum Name Service is an open-source blockchain protocol developed in 2017. With its help, users can assign identifiers to their wallets for ease of use. For example, a 42-character wallet address can be replaced with an easy-to-write and read nickname.

Each domain name in the service is a non-fungible token (NFT) that ends in .eth and can act as an address, cryptographic hash, or website URL. For example, Buterin uses the address vitalik.eth.

Amid the discussion, the ENS token jumped to its highest since April 8 at $21,33.

In April, the service added support for web browser-compatible .box domains; earlier, Google began displaying ENS-linked wallet balances in search results.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy