Vitalik Buterin has openly supported the ambitious Web3 project. At least, this is the claim, and Ethereum co-founder Vitalik Buterin also supports this view. Ethereum Name Service (ENS) announced significant news today. The price quickly soared to its daily peak.
Why is ENS Coin Rising?
Despite tough times in bear markets, ENS Coin has normalized above $25. The altcoin, which initiated its rise at this level, jumped to its daily peak of $28.2 following a recent proposal. The proposal named ENSv2 suggests moving Ethereum network transactions to its own layer2 network. This marks the next phase in the story of each project creating its own layer2 network.
When the ENS team achieves this, Ethereum Name Service will become more cost-effective and reach more users. This could also mean that ENS addresses will become more valuable, indirectly supporting the token price. Affordable transaction costs are crucial for adoption growth.
ENS Labs Chief Developer and Founder Nick Johnson said:
“ENSv2 will introduce a hierarchical registration system for eth name management. Domain owners will have access to a unique domain registry where they can manage subdomains and configure resolvers.”
ENS Labs Product and Strategy Manager Eskender Abebe also emphasized the importance of affordable transaction costs:
“The release of EIP4844 has made Ethereum-based Layer 2 networks much more affordable and scalable, which has been a major driving factor for ENS’s proposal.”
