South Korean Exchange Upbit Adds Support for Ethereum Name Service

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As a researcher with a background in blockchain technology and digital assets, I’m excited about Upbit’s latest addition of Ethereum Name Service (ENS) to its platform. This development is significant for several reasons.

As a crypto investor, I’m excited to share that I can now easily purchase Ethereum Name Service (ENS) tokens on Upbit, the South Korean cryptocurrency exchange. This new addition allows me to use my local currency, Korean Won (KRW), to buy ENS directly. It’s a convenient and straightforward way for me to invest in this promising project.

As a crypto investor using Upbit, the leading exchange in South Korea’s market, I’m excited to share that we’ll soon have access to Ethereum Name Service (ENS) trading with the Korean Won (KRW). The announcement was made on July 9th, and starting around 6:30 PM Korean time, users can start purchasing ENS.

New Listing Rules

As a researcher studying Upbit’s exchange policies, I can explain that when it comes to listing a new token like ENS on their platform, certain rules are in place. Specifically, for the initial buying phase, orders will be subject to a 5-minute holding period once trading begins. Additionally, sell orders priced below 10% of the previous day’s closing price will also encounter similar restrictions.

The market price and pre-orders for ENS on Upbit will be restricted for about an hour after listing. Yesterday’s closing price for ENS was recorded at 0.00047124 BTC, which is equivalent to around 37,951 KRW.

When it comes to handling deposits and withdrawals for ENS (ETH Name Service) on Upbit, they exclusively use the Ethereum network. Furthermore, Upbit has implemented a “travel rule” as an extra measure for closely examining deposits that originate from virtual asset operators not present in Upbit’s list.

To provide a better user experience and maintain security, Upbit has implemented steps specifically designed for Ethereum Name Service (ENS) transactions. These actions aim to guarantee adherence to regulations, fortify security measures, and enable seamless trading interactions for involved parties.

Excited by the announcement of the listing, ENS experienced a significant surge of more than 13% on Tuesday, based on information from CoinMarketCap.

ENS Name Purchases

As a researcher exploring Ethereum Name Service (ENS), I’d like to share that ENS names like “bob.eth” serve as an alternative to the regular ethereum addresses. Users can acquire these names and associate them with identifiers such as addresses, content hashes, and metadata for easier recognition and management.

In simple terms, every Ethereum Name Service (ENS) label is distinct and cannot be exchanged for another. These labels share traits akin to Non-Fungible Tokens (NFTs) because of their unique attributes and ownership rights within the Ethereum network.

After Nick Johnson and Alex Van de Sande, members of the Ethereum Foundation, launched ENS (Ethereum Name Service) in May 2017, crypto exchanges have played a significant role in promoting its usage.

Last January, I analyzed the annual adoption report published by Ethereum Name Service (ENS). Based on the data provided by the company, around 2.2 million domains were created in 2022. I noted that this significant increase was primarily due to crypto exchanges integrating ENS into their platforms. In my assessment, 2022 represented a record-breaking year for ENS in terms of platform adoption.

With Upbit’s recent entry into the Korean market, it’s expected that this number will probably grow. Upbit currently has a user base of approximately 8 million, based on Statista’s data. Once obtained, these names can be employed in numerous decentralized applications (dApps) and blockchain networks. They serve as convenient labels for human-friendly interactions within the decentralized environment.

As an Ethereum name service (ENS) analyst, I can tell you that one of its key functions is serving as a wallet for Ethereum transactions. With this feature, users have the ability to send and receive cryptocurrencies within the Ethereum ecosystem by utilizing their unique ENS names instead of traditional wallet addresses.

Users can send Ethereum funds to a simpler and more readable ENS (Ethereum Name Service) label, which automatically directs transactions to the underlying Ethereum address.

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2024-07-09 14:37