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In the last 7 days, its price increased more than 90%.
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Recent announcements and updates to their protocol fueled this rise.
Ethereum Name Service (ENS), the governance token of its eponymous platform, had a price increase of more than 90% in the last 7 days and is the second Cryptocurrency on the market with the best weekly performance.
The “.eth” domain protocol allows the hexadecimal addresses of the Ethereum network be replaced by an easy-to-remember name.
In that way, eliminates the need to copy and paste long addressessimplifying its use.
In the last 7 days, the digital asset reached a price of $36.40, which represents a rise of more than 90%, as seen in the following chart. TradingView.
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ENS quote from January 1 to November 28. Fountain: TradingView.
Now, the question arises as to what are the reasons behind this price increase. First of all, we must highlight the good performance of ether (ETH), the cryptocurrency of the Ethereum network, since, being closely linked to this ecosystem, Any event has a direct impact on your price.
Furthermore, in recent days announcements and developments in the protocol were made known that generated an upward momentum in its price.
Among these, yesterday, November 27, was created the first legal entity artificial intelligence (AI) whose identity is agent.nani.eththe ENS domain.
It is about Nani Kotoba DAO an AI agent that can carry out transactions, defend legal claims and manage assets without direct human intervention, within a legal framework. This entity is associated with a Limited Liability Company (LLC) registered in Wyoming, United States.
Through ENS, agent.nani.eth can operate on the Ethereum network easier and fasterwhich enhances its integration with Bitcoin-criptomonedas-seguridad/” target=”_blank” rel=”noreferrer noopener”>smart contracts and other legal and financial processes.
For his part, Brian Armstrong, CEO of the Coinbase exchange, publicly supported ENS and highlighted it as a key decentralized identity project.
Through your X account, said: “The Internet of money is already underway. Lego pieces are ready to be assembled for consumer use.” Those pieces to which it refers are the Base network, ENS, Blockchain/” target=”_blank” rel=”noreferrer noopener”>the USDC stablecoin and smart wallets.
Namechain launch
On November 11, ENS Labs advertisement details of Namechain, an Ethereum layer 2 (L2) solution designed to scale identity across multiple platforms in that ecosystem.
In a press release from ENS Labs, it was reported that “this technology allows Namechain to process and execute transactions outside of the Ethereum mainnet while inheriting the full security of Ethereum, but at a fraction of the cost.”
To do this, Namechain uses zero-knowledge proofs (ZK-Proofs, in English) and technology rollupswith the goal of improving efficiency and reducing costs on Ethereum.
Knowledge proofs allow transactions to be processed privately and efficiently, without the need to burden the main network with too much data.
For its part, with the implementation of the rollups large amounts of transactions will be able to be processed off the main chainwithout affecting the security and decentralization of the network.
Namechain will work in conjunction with “ENSv2”, the protocol that allowed ENS to expand to Ethereum’s L2. It is expected to be active by the end of 2025.
In this way, the ENS Labs team provides a solution to the high gas fees on the Ethereum main, which makes it expensive to register or interact with ENS domain names.
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