Ethereum Name Service (ENS) Rallies 9% After Upbit Lists It for KRW Trading

Ethereum Name Service (ENS) was a major gainer after Upbit, South Korea's cryptocurrency exchange, included it in its  Korean Won (KRW) trading.

Cryptocurrency exchange Upbit has included Ethereum Name Service (ENS) in its Korean Won (KRW) trading. Following this announcement, there was a rise in the price of the Ethereum Name Service.

Price rose over 9% from the intraday low to be trading at $27.31. This listing is expected to enhance the token’s liquidity as well as accessibility for the South Korean investors. The same could help in extending the user base of the cryptocurrency in the Asian market.

ENS Trading Restrictions and Guidelines

Upbit provided detailed guidelines regarding the transactions for the ENS token listing. During the first five minutes after the beginning of trading, buyers’ orders were limited. While sellers’ orders below 10% of the previous day’s closing price had similar limitations.

However, there were some issues with market price and pre-order for about an hour after the listing was posted. The previous day’s closing price of ENS was 0.00047124 BTC, which translated to 37,951 KRW.

Other measures put in place are that deposit and withdrawal procedures were rigid, with only the Ethereum network supported. Upbit implemented the “travel rule” for the additional check of deposits from the virtual asset operators not on the list, mandatory identification of the owner for the personal wallet addresses, and possible reasons for the large deposits from unidentified sources.

ENS Market Performance and Expansion

The ENS token has recorded a trading volume of $427.7 million in the first 24 hours of the listing. This underpins the market’s trading interest. ENS has a circulating supply of 32 million tokens; as of now, the market capitalization of ENS is about $849.7 million.

The heightened interest can be attributed to the growing use of ENS domains that make blockchain interactions easier through the use of easier-to-remember names like ‘ bob.eth’, which can be linked to different blockchain addresses.

ENS has also gone beyond the ‘. eth’ based domains. Now they can also work with other standard DNS names such as .com, .org, and .io. This has increased the usage and the importance of the protocol across the Ethereum ecosystem.

The ENS token is also used in the governance of the protocol, and its holders get to cast their vote regarding the decisions to be made with respect to the ENS ecosystem.

Ethereum Name Service Price Analysis and ENS Domain Registrations

If 937,500 ENS tokens are launched any time soon they would be worth over $21 million at the press time prices which may affect the market trends. This release is expected to increase the circulating supply, which may slow down the uptrend momentum.

Market participants are closely watching to see if Ethereum Name Service Price will stabilize, drop, or keep rising in the face of this increased supply.

Concurrently, the registered ENS domain registrations have decreased even with the positive market performance. The on-chain data reveals a sharp decline in. ETH name registrations reached 20,041 units in June, a 32% decrease from May and a 61% decrease from the peak in April.

Primary ENS name registrations, which are employed to associate and trace particular Ethereum addresses, also reached the year-to-date minimum at the end of June.

Although there has been a reduction in domain registrations, the trading volume for ENS derivatives has been on the rise. Trading volume stood at $1.01 billion, a 97.05% increase. This implies that there is significant interest in ENS derivatives, which means that traders are opening new positions.

Similarly, the open interest has increased by 2435% for ENS at $128. 53 million, indicating that fresh capital is entering the market as more traders establish new positions.

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