Ethereum Name Service (ENS) Jumps 5% Following Project Rebranding News

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The developer team behind the Ethereum-based project Ethereum Name Service (ENS) has revamped its overall interface. The ecosystem redesign, revealed via a tweet thread, aims to help the next one billion people enter the Web3 space. Following the rebranding news, the project’s native token, ENS, soared by over 5%.

The moment we’ve all been waiting for is here! 🎊

After over a year of dedicated work, we’re beyond thrilled to unveil the brand new identity of ENS! pic.twitter.com/CdRRnDYmZv

— ens.eth (@ensdomains) July 8, 2024

ENS Revamps Platform

In its tweets, the team noted that it had updated its brand but retained its logo. These cover the project’s website, assets, and other marketing channels. By updating its brand, ENS is preparing to welcome new users to a better, more accessible platform as new features are introduced.

By simplifying the onboarding process for new users into Web3, the ENS team aligns itself with the same goal pursued by other projects in the industry.

Launched in May 2017 by its lead developer, Nick Johnson, the Ethereum Name Service (ENS) operates as a decentralized domain name system. It enables users to create easily readable names for Ethereum addresses using .eth suffixes. With these readable names in place of lengthy, complicated wallet addresses, the project seeks to simplify crypto transactions.

Additionally, ENS makes interacting with decentralized applications (dApps) easier by offering a more convenient means of locating and connecting to these platforms. The project aims to make the Ethereum ecosystem more usable and accessible through its simplified domain naming system.

ENS Jumps 5%

Less than an hour after the ENS team announced the rebranding, the project’s native token soared by over 5% to a peak trading price of $25.44, according to CoinStats on-chain data. At press time, ENS price has rebounded at $25.31, representing a 5.6% increase over the past hour and a 3.4% uptrend in the past 24 hours.