Ethereum Name Service Announces Layer 2 Expansion
The Ethereum Name Service (ENS) has announced plans for Layer 2 expansion, aiming to improve scalability and reduce costs for its users. Here are the key points:
– Growing popularity of Ethereum has led to increased gas prices, prompting the need for cost-effective alternatives.
– ENS has been working on Layer 2 interoperability through projects like ENSIP-10 and EIP-3668.
– The upgrade will facilitate interaction with existing solutions, making domain name registrations and transactions more accessible.
– ENS plans to leverage off-chain resolvers and different service providers, including cb.id, Lens Protocol, and OptiNames.
– Despite market turmoil, ENS has seen steady growth, with over 2.73 million domain names registered across nearly 700,000 unique addresses.
In April, ENS introduced a fiat on-ramp for domain registrations, allowing users to use popular payment options like Apple Pay and Google Pay.
Hot Take:
ENS’ Layer 2 expansion is a significant move to address scalability and cost issues on the Ethereum blockchain. By leveraging off-chain resolvers and collaborating with different service providers, ENS aims to make domain registrations and transactions more accessible. The steady growth in the number of registered domain names demonstrates the demand for decentralized naming systems. With its ongoing developments, ENS is poised to play a crucial role in the Ethereum ecosystem.
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