There’s a new Ethereum (CCC:ETH-USD) token on the block, and it’s causing quite a stir thanks to it’s wildly successful second day on the market. Ethereum Name Service (CCC:ENS-USD) aims to make blockchain a little more simple with its services. As its governance token hits exchanges, and investors continue to rabidly scoop up as much as they can, the network is getting plenty of capital to further that goal.
As it flexes some big gains from today, investors have plenty of questions surrounding the success of Ethereum Name Service and the ENS crypto. Here’s everything you need to know about it.
The Ethereum Name Service Brings Usernames to the Ethereum Network
- Ethereum Name Service is named for exactly the service it provides. By tapping the network, Ethereum users can secure their own unique username with which they are more easy findable by others.
- Users don’t need to look up long wallet addresses full of random characters in order to trade with ENS users. That user is known simply by their chosen name. Not only does this make one more identifiable but also more memorable.
- ENS links users’ assets, meaning one can use their ENS name to store assets like non-fungible tokens (NFTs) and crypto from a variety of networks in one simple place, without needing to keep a log of addresses.
- Owners of non-blockchain domains can also utilize ENS for their websites. Users can import their domain names to the ENS network in order to launch a dedicated blockchain variant of their website, free of censorship.
- The ENS crypto in particular is a governance token of the Ethereum Name Service network. By owning ENS tokens, one has the power to vote on community initiatives.
- The crypto launched just yesterday, albeit fairly quietly compared to today’s boom. It saw just under $150 million in transaction volume on launch day before closing out in the red.
- Today, though, investors are fervently buying ENS tokens. Transaction volume is reaching over $614 million. The rush of capital is already turning ENS into a major crypto in terms of market cap at $4.5 billion.
- The influx of buying is also hugely driving ENS prices. A 32% gain is elevating the token above $44.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.