ENS Labs, behind Ethereum Name Service (ENS), has launched Namechain, a Layer-2 solution aimed at scaling blockchain-based identities. The announcement was made on November 11 at the frENSday conference in Bangkok.
ENS Labs initially presented the ENSv2 upgrade to tackle rising transaction costs and scalability challenges on Ethereum, enhancing performance and developer experience.
Namechain relies on rollup technology to cut gas fees and streamline name registration. This solution complements ENSv2, improving cost-efficiency and user-friendliness.
The recent EIP4844 boost made Ethereum-based L2 solutions more effective, prompting ENS Labs to choose a phased migration approach for Namechain and its features.
ENS Labs asked for a 4 million USDC budget from the ENS DAO to support the rollout of ENSv2 and Namechain.
ENS Labs' recent integrations with PayPal and Venmo enhanced crypto transfers for millions of US users.
Following the announcement, ENS token prices rose, and the solution is set to redefine the user experience within the Ethereum ecosystem.
