Followed by IoTeX, Ethereum Name Service is the second biggest gainer today on Crypto.com, rising over 44% in the past 24 hours. Recently hitting a market cap of $1 billion, and with a 24 hour trading volume of over $1.4 billion, traders are excited about ENS. Let’s take a closer look at what Ethereum Name Service actually is, and why ENS price is rising so much.
What Is Ethereum Name Service?
As the name suggests, Ethereum Name Service allows you to rent a Web 3.0 username. Similar to a domain name, you can rent a name on the Ethereum network that anyone can use to send you ETH.
Essentially, the name service replaces your current long ethereum address that you see on Metamask with something much simpler like myamazingaddress.eth
Currently, with the high gas fees, it costs at least $250 to register a domain name for 1-5 years. However, even with the fees, $250 for 5 years doesn’t sound that bad.
If you’ve been lurking around the NFT space you have definitely seen addresses that end in .eth. Ethereum Name Service has been around for a few years, however they only recently launched the ENS token on November 8th.
Why Is ENS Price Rising?
On November 2nd, Ethereum Name Service announced an Airdrop for their ENS governance token. In order to be eligible for the Airdrop you had to have a .eth domain registered with the service.
The longer you had your domain registered the more ENS tokens you would be eligible to claim. On November 8th, brantly.eth announced that the ENS tokens were now available to claim for eligible users.
The main reason for ENS’ extremely fast growth was the fact that most major exchanges rushed to list it. Binance recently listed ENS today (November 10th), along with KuCoin ENS listing yesterday (November 9th).
Because ENS is an extremely reputable project that only recently got listed on major exchanges, it comes as no surprise that the price more than doubled in the past two days.
Currently ENS has a market cap of $1 billion, placing it as the top 220th cryptocurrency. There is real excitement behind Ethereum Name Service, and as long as most of the Airdropped tokens don’t end up on an exchange anytime soon, the future is bright for ENS.
This is not trading or investment advice, please do your own research before buying any cryptocurrency.