• Ethereum Name Service (ENS) is a leading name in the blockchain industry, with over 2.14 million registered names.
• The upcoming ENSv2 upgrade is eagerly anticipated for its focus on scalability and affordability.

Unbelievably, Ethereum Name Service (ENS) has been one of the top gainers this year. Its token is at its highest level since January 2022, after rising for two weeks running. With the market’s attention on memecoins and AI, it was surprising when ENS rose to the top of the crypto market in early July.

This year, ENS has grown by an incredible 253%, much exceeding other cryptocurrencies like Ethereum and Bitcoin, which have risen by 57% and 47%, respectively.

CoinMarketCap data show that the ENS price at the time of writing is about $32.53, representing a bullish position over the previous seven days with a 46.01% increase and a 27.41% rise in the previous 24 hours.

Understanding ENS and Its Significance 

Among the most well-known names in the blockchain space is Ethereum Name Service. With this site, users may quickly and cheaply register ETH domains to build customized Web3 identities like john.eth.

This function is essential since it gives the industry a memorable and simple identity in place of the usual random characters.

In addition, most blockchains—including well-known ones such as Optimism, Solana, Arbitrum, and Base Blockchain—can be used with ENS domains.

Over the years, ENS has gathered 409 integrations and over 2.14 million identities. Its goal of simplifying the Web3 sector has won industry observers, including Vitalik Buterin, co-founder of Ethereum, approval.

Anticipation of ENSv2 Upgrade

A further factor driving up the price of ENS tokens is investor excitement over the impending ENSv2 upgrade. The emphasis of this improvement is on flexibility, cost, and scalability. Presently, developers are focusing on reserve resolution and name resolution enhancement.

Though the roadmap suggests it will take a few months to deploy, the developers have not disclosed a precise timetable for the V2 upgrade.