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An Ethereum (ETH<\/a>)-based altcoin is exploding in value after ETH<\/a> founder Vitalik Buterin said the project is vital to the crypto ecosystem.<\/p>\n Buterin tells<\/a> his five million followers on the social media platform X that all layer-2 (L2) projects should integrate with Ethereum Name Service (ENS<\/a>), a platform that lets users buy a \u201cdomain name\u201d on the Ethereum blockchain rather than using default addresses.<\/p>\n The domain names on ENS can be used to transfer and receive funds instead of using alphanumeric wallet addresses.<\/p>\n Says Buterin,<\/p>\n \u201cAll L2s should be working on (trustless, merkle-proof-based) CCIP resolvers, so that we can have ENS subdomains registerable, updateable and readable directly on L2s. ENS is super-important, it needs to be affordable!\u201d<\/em><\/p>\n According to data<\/a> from blockchain data platform Dune Analytics, there are about 2.14 million active ENS names and more than 801,000 unique participants.<\/p>\n Layer-2s, such as Optimism (OP<\/a>) or Arbitrum (ARB<\/a>), are built on top of Ethereum to improve scalability and costs.<\/p>\n CCIP, or cross-chain interoperability protocol, is a protocol<\/a> that allows for the resolution of information on or off-chain from the Ethereum Virtual Machine (EVM).<\/p>\n In the past 24 hours, ENS was trading at a low of $8.88. After Buterin\u2019s social media post, ENS soared to $14.20, a nearly 60% gain. ENS has since given up some of those gains and is trading for $12.82 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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