Ethereum Name Service (ENS), a distributed, open and extensible domain system based on the Ethereum Blockchain, has skyrocketed after being listed on multiple major cryptocurrency exchanges. Altcoin ENS price rose 174.39% in a short period of time from its base price of $22.92 to reach its ATH of $66.97, according to data from CoinMarketCap. The excitement around cryptocurrency; It continues to fire on Uniswap and Sushiswap from Binance, KuCoin, Huobi, OKEx, Gate.io, and DEXs. What happened? We briefly take a look at the CryptoDiffer data…
What is the Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a decentralized domain system on the Ethereum Blockchain. ENS is mapping to machine-readable identifiers such as user-readable Ethereum addresses, other cryptocurrency addresses, and metadata, such as cryptocoin.eth. ENS also supports ‘reverse resolution’, which makes it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses.
In other words, it has similar goals to DNS, the Domain Name Service of the Internet, but has a significantly different architecture due to the capabilities and limitations provided by the Ethereum Blockchain. Like DNS, ENS operates on a system of hierarchical dot-separated names called domains, and the owner of a domain has full control over subdomains.
What happened in altcoin ENS price?
cryptocoin.com As we reported, ENSDomains previously announced that it will airdrop 25% of the total supply to all .ETH second-level domain registrants. In addition, after being listed on large-volume cryptocurrency exchanges, including Binance and Bybit, the exit price exploded by about 580% from $ 10 to a ceiling price of $ 66.97. Traded at $59 at the time of writing, ENS continues to keep its 24-hour gains around 69.11%.
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