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ENS Labs introduces Namechain for Ethereum scalability

ENS Labs introduces Namechain for Ethereum scalability

GrafaGrafa2024/11/13 08:00
By:Isaac Francis

ENS Labs, the developer of the Ethereum Name Service (ENS), has announced Namechain, a new Layer-2 solution aimed at enhancing the scalability and cost-effectiveness of managing blockchain-based identities.

The launch was revealed at the “frENSday” conference in Bangkok on November 11.

Namechain is built to complement the ENSv2 upgrade, which addressed increasing transaction costs and scalability challenges on Ethereum.

Since its inception in 2017, ENS has simplified Ethereum (CRYPTO:ETH) use by mapping complex addresses to readable names, such as “Vitalik.eth,” used by Ethereum co-founder Vitalik Buterin.

“This is the next evolution in ENS and part of the larger ENSv2 direction. By dramatically reducing costs, improving performance, and providing a familiar Ethereum developer experience, our hope is to see new opportunities for ENS and Ethereum flourish,” ENS stated on X.

The growth of Ethereum's network has highlighted the need for faster processing and reduced costs.

The ENSv2 revision introduced a hierarchical registry system for better subdomain management and custom resolvers.

Namechain builds on these updates by leveraging rollup technology, significantly lowering gas fees and simplifying name registration.

ENS Labs considered several Layer-2 options, including Matter Labs’ ZK Stack, but opted to create an in-house solution to ensure a seamless user experience.

The recent implementation of EIP4844 has also facilitated more scalable and affordable Ethereum-based Layer-2 solutions.

ENS Labs plans a gradual migration to integrate Namechain, starting with adjustments to the resolution process.

The new system offers flexibility, allowing users to choose whether to manage their ENS names on the Layer-2 network or the Ethereum mainnet.

To support the rollout of ENSv2 and Namechain, ENS Labs has requested an annual budget of 4 million USDC from the ENS DAO.

ENS has expanded its services recently, incorporating PayPal and Venmo integrations to enable crypto transfers for over 270 million US users.

Following the Namechain announcement, ENS token prices saw a slight increase, trading at $26.28.

At the time of reporting, the Ethereum price was $3,249.24.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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