In a recent development in the cryptocurrency market, the Ethereum Name Service (ENS) altcoin price experienced a significant increase following a statement made by Ethereum founder Vitalik Buterin.
ENS price initially increased by over 40%, but with the correction, at the time of writing this article, ENS price is trading at a 14% higher level in the last 24 hours.
Buterin's statement praising the ENS ecosystem appears to have been a catalyst for this sudden rise in price. Buterin emphasized the importance of all Layer 2 solutions (L2s) running on reliable, merkle-proof-based Cross-Chain Interoperability Protocol (CCIP) resolvers. According to Buterin, this will enable ENS subdomains to be registered, updated and read directly on L2s.
Buterin said in his statement, “All L2s should be running on trustless, merkle-proof based CCIP resolvers, so we can make ENS subdomains registerable, updated and readable directly in L2s. ENS is very important, it needs to be affordable!” said.
The ENS altcoin, which was once traded above $85, is at $11.69 at the time of writing.
*This is not investment advice.