ENS Labs, the agency that launched the Ethereum Identify Service (ENS) in 2017, are gearing up for his or her subsequent main mission. By late 2025, they plan to launch a layer-2 blockchain community known as Namechain, constructed on the Ethereum blockchain. Namechain will leverage zero-knowledge rollup know-how to enhance transaction effectivity, decreasing each prices and processing instances. Within the ENS area ecosystem, easier names like “xyz.eth” usually maintain extra worth than complicated ones like “asd1as.eth.”
As per a report, the launch of Namechain is geared toward streamlining blockchain identities, making them extra easy and user-friendly. Not solely will this layer 2 blockchain simplify the method for ENS registrations however the community can also be anticipated to make the service extra accessible for customers.
This week, ENS Labs made an official announcement about Namechain. In a publish on X from their deal with @ensdomains, ENS said, “By dramatically decreasing prices, bettering efficiency, and offering a well-recognized Ethereum developer expertise, our hope is to unlock new alternatives for ENS and Ethereum.”
Introduced reside at #frENSday:microphone:
Namechain by @ensdomains , a purpose-built Layer 2 answer!
That is the following evolution in ENS and a part of the bigger ENSv2 path. By dramatically decreasing prices, bettering efficiency, and offering a well-recognized Ethereum developer expertise our… pic.twitter.com/bIwHa22vJL
— ens.eth (@ensdomains) November 11, 2024
ENS Labs has allotted an preliminary funds of $4 million (roughly Rs. 33 crore) in USDC stablecoin to assist Namechain’s growth, with funding offered by the ENS DAO, which oversees the ENS protocol. The total funds required for testing and deploying this Layer-2 community, nevertheless, has not but been disclosed.
ENS Labs’ newest initiative follows the rising reputation of its Ethereum Identify Service (ENS). ENS is a decentralised area identify protocol that simplifies complicated Ethereum pockets addresses, reworking them into easy-to-read names like “ABC.eth,” making crypto transactions extra accessible and user-friendly.
In July 2022, ENS tracker Dune Analytics reported that each day ENS registrations had spiked considerably, reaching over 50,000 new addresses that month. The identical 12 months, Nike’s Web3 arm known as ‘RTFKT’ obtained ten ENS domains.
Notably, registrations of ENS domains recorded a drop of twenty-two.9 % in September this 12 months, as per a report by CoinMarketCap. The report additionally notes that ENS is an important part of the Web3 ecosystem, with the overall variety of lively domains now standing at over 1.9 million.
In October, Google accomplished the mixing of ENS on its Search engine. This growth is geared toward making it simpler for individuals to seek for any identify based mostly on the ENS area, signified by ‘.eth’.