Ethereum Founder’s Call to Action Sparks ENS 75% Rally

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uncle sam holding Ethereum silver coin

Amidst the fervor surrounding Bitcoin ETFs, an unexpected standout has emerged in the form of the Ethereum Name Service [ENS] governance token. The ENS token experienced a remarkable surge of 75% in less than four hours, a level not seen since April 2023. Although the price of ENS has retraced since this momentary spike, the swift and substantial increase caught the market off guard.

Ethereum

The catalyst for this surge can be traced back to a publication by Vitalik Buterin, the co-founder of the Ethereum blockchain. Buterin shared insights on the Ethereum Name Service documentation, emphasizing how domain names could bring “efficiency gains” to layer 2 solutions on the Ethereum network.

In a call to action, Buterin stressed the importance of layer 2 solutions working on trustless, Merkle-proof-based CCIP resolvers. He expressed the need for ENS subdomains to be registerable, updateable, and readable directly on layer 2 solutions, underscoring the significance of making ENS affordable.

The summary of the ENS documentation emphasizes the necessity for ENS to offer resolution services across the entire Layer 2 ecosystem. This move aims to enable ENS users to leverage the efficiencies provided by layer 2 solutions. Following Vitalik’s suggestion, the ENS team and the broader ENS and Layer 2 community have collaborated on developing a “Layer 2 bridge.”