The post Ethereum Name Service jumps 7% on day spot Ethereum ETFs launch appeared on BitcoinEthereumNews.com.

Ethereum Name Service has surged 7.6% over the past day, making it the top gainer among the largest 100 crypto assets amid a general downturn in the global crypto market. At the time of writing, Ethereum Name Service (ENS) was trading at $27.32, marking a 4.4% increase in the last 24 hours, according to data from crypto.news. With a circulating supply of 32.8 million ENS, the project’s market cap stands at $896 million. ENS price chart | Source: TradingView Despite this recent price increase, ENS remains down 68% from its all-time high of $85.69, achieved on November 11, 2021. Meanwhile, the daily trading volume for ENS has risen by 86%, reaching approximately $234 million. Over the past year, ENS has surged over 185%, while Ethereum and Bitcoin have recorded gains of 84% and 122%, respectively. Ethereum Name Service operates as a decentralized system on the Ethereum blockchain, enabling users to assign easy-to-remember names like “jake.eth” to various digital identifiers, including addresses and metadata. This system, which is governed by smart contracts and a decentralized autonomous organization (DAO), represents a shift from traditional, centralized domain name systems. Ethereum co-founder Vitalik Buterin has recently highlighted the importance of integrating ENS domains with layer-2 blockchains. He advocates for the adoption of trustless, Merkle-proof-based CCIP resolvers to facilitate the registration and readability of ENS subdomains directly on layer-2 solutions, thereby reducing costs and emphasizing their role in the developing crypto landscape. The recent surge in ENS coincides with the SEC’s approval of the first-ever spot Ethereum ETFs in the U.S., which are set to begin trading today, July 23. ENS’s price jump also comes despite a drop in Ethereum, which has declined 1.13% in the last 24 hours, trading at $3,444 at press time. ENS is fundamentally different from Ethereum, but many retail investors…

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Filed under: News - @ July 24, 2024 6:06 am