The value of Ethereum (ETH)-based altcoins is exploding after ETH founder Vitalik Buterin said the project was essential to the cryptocurrency ecosystem.
Buterin says 5 million followers on social media platform .
Instead of using an alphanumeric wallet address, you can transfer and receive funds using ENS’s domain name.
Buterin says:
“Every L2 must work on a (trustless, Merkle proof-based) CCIP resolver so that ENS subdomains can be registered, updated, and read directly from the L2. ENS is very important. It has to be affordable!”
There are approximately 2.14 million active ENS names and over 801,000 unique participants, according to data from blockchain data platform Dune Analytics.
Layer 2, such as Optimism (OP) or Arbitrum (ARB), are built on top of Ethereum to improve scalability and costs.
CCIP (Cross-Chain Interoperability Protocol) is a protocol that can verify on-chain or off-chain information of the Ethereum Virtual Machine (EVM).
Over the last 24 hours, ENS has traded as low as $8.88. After Buterin’s social media post, ENS soared to $14.20, up nearly 60%. ENS has since given up some of these gains and is trading at $12.82 at the time of this writing.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock/klyaksun/monkographic