Today, the cryptocurrency market is generally warming up, with the ENS performing the best among the top 100 tokens, with prices rising by over 29% at one point. What factors are driving the rise in ENS prices? It may be related to market optimism about the upcoming ENS v2 upgrade and expectations for the new brand to be announced at EthCC.
The overall cryptocurrency market has rebounded today, with Bitcoin rebounding to a high of $63,694, with a one-day increase of over 4%, and Ether reaching a high of $3,524, with a one-day increase of over 3%.
However, the most eye-catching performance in the top 100 market values is the ENS, which has been praised by Vitalik Buterin, co-founder of Ethereum, as one of the most successful non-financial applications.
According to CoinGecko data, the price of ENS rose from a low of $25.62 to a high of $33.05, with a maximum daily increase of 29%. At the time of writing, it is temporarily reported to be $31.61, with a 24-hour increase falling to 21%. Its current market value is $997 million, ranking 84th in the cryptocurrency market value rankings.
In addition, ENS has also surged by more than 240% in the past year, leading the gains of Ether and Bitcoin by 81.6% and 106.4%, respectively.
One of the factors driving the rise in ENS prices may be the market’s optimism about the upcoming ENSv2 upgrade. This upgrade is expected to migrate the ENS protocol from the Ethereum mainnet to Layer2 network to enhance its scalability and reduce transaction costs. In addition, ENS has also proposed a new “layered registration system” aimed at more effectively managing .eth domain names, including managing subdomains and configuring resolvers.
Last week, the official released a FAQ article addressing the community’s concerns and questions about the ENSv2 upgrade. However, it has not answered the community’s most concerned issues about which Layer2 network will be migrated to and the migration time in this article. According to the official roadmap, the official is currently working on choosing L2 and writing new contracts for L1 and L2.
In addition, the official ENS announced several developments last week, including the announcement of a new brand to be unveiled at the upcoming EthCC (7/8~7/11).
On the 28th, the founder of the ENS subdomain development project NameStone, slobo.eth, launched the ENSPro platform, which allows encrypted users to register and manage up to 1000 subdomains for free and without Gas, applicable to any ENS name, even integrated DNS names.
On the 23rd, the official announced a partnership with Intercap to introduce traditional network domain .box into the ENS management application, allowing .box domains to be used not only for URLs and emails on the general Internet, but also as personal Web3 identities on the chain. This marks the integration of blockchain technology with the traditional Internet, and has also aroused market expectations for ENS to integrate .com or more common traditional network domain names.
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