Ethereum Name Service (ENS) has experienced a significant boost, surging over 12% following a major announcement by Upbit, South Korea’s largest cryptocurrency exchange. The news of ENS being added to Upbit’s Korean won trading market has sparked considerable interest in the token.

ENS, operating as a decentralized naming system on the Ethereum blockchain, has been making notable progress in simplifying blockchain interactions for users. The system’s key feature allows users to purchase easily readable names such as “bob.eth” and link them to various blockchain identifiers including addresses, content hashes, and metadata.

Details of the Upbit Listing and Trading Restrictions

Upbit’s decision to list the ENS token on its Korean Won (KRW) market is set for July 9, 2024, with the listing going live at 18:30 KST. This move is anticipated to significantly enhance the token’s liquidity and make it more accessible to South Korean investors, potentially expanding ENS’s user base in the Asian cryptocurrency

market.

The exchange has outlined several transaction restrictions for the new listing. Buy orders will be restricted for about 5 minutes after the listing goes live, while sell orders priced below 10% of the previous day’s closing price will face similar restrictions. Market price and pre-order options will be limited for approximately an hour post-listing. Upbit has set the previous day’s closing price for ENS at 0.00047124 BTC, which equates to 37,951 KRW.

Upbit has also implemented strict deposit and withdrawal guidelines for ENS. These include supporting deposits and withdrawals only on the Ethereum network, implementing the “travel rule” for additional review of deposits from non-listed virtual asset operators, requiring mandatory “ownership verification” for personal wallet addresses, and potentially requesting explanations for the source of funds for large deposits from unknown sources.

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ENS Market Performance and Protocol Expansion

Recent market data shows the ENS token trading at $28.73, marking a significant 12.27% increase over the past 24 hours. The token has seen a substantial trading volume of $427.7 Million during this period, indicating strong market activity and interest. With a circulating supply of 32 million tokens, ENS currently holds a market capitalization of $849.7 Million.

This increased attention asides the listing announcement could be attributed to the rising adoption of ENS domains, as more users seek simplified and memorable addresses for their crypto wallets and decentralized websites. ENS has expanded its capabilities beyond its initial ‘.eth’ domains, now supporting integrated use of traditional DNS names like .com, .org, and .io. This expansion has significantly broadened the protocol’s appeal and utility within the Ethereum ecosystem.

Furthermore, the ENS token plays a crucial role in the protocol’s governance, granting holders voting rights on decisions affecting the Ethereum Name Service ecosystem. This decentralized governance model aligns with the broader principles of blockchain technology, potentially contributing to its growing popularity and value in the cryptocurrency market.

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