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Friday, July 19, 2024

Ethereum Name Service Gears up for Layer 2 Expansion

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Ethereum Name Service – the distributed, open, and extensible naming system operating on the Ethereum blockchain – announced plans for Layer 2 expansion.

The growing popularity of Ethereum significantly increased gas prices forcing market participants to look for cost-effective alternatives. Ethereum Name Service (ENS) is one such project that had earlier said that Layer 2 interoperability has been on the pipeline for quite some time via – ENSIP-10: Wildcard Resolution and EIP-3668: CCIP Read: Secure offchain data retrieval.

  • On a community call this week, the team behind ENS emphasized the importance of the upgrade that would lead to Layer 2 expansion to improve scalability and reduce costs.
  • They said facilitating the interaction of existing solutions with ENS domains would help in domain name registrations and transactions becoming more accessible to a wider user base.
  • Going forward, the devs behind the Ethereum-based naming system intend to leverage off-chain resolvers via an ENS off-chain registrar contract and different service providers, such as Coinbase-operated project cb.id, Polygon-based Lens Protocol, Optimism-based OptiNames, etc.
  • Unfazed by the market turmoil in the digital asset space last year, ENS clocked in more than 2.2 million domain names.
  • The figure has been on a steady rise and currently stands at 2.73 million across nearly 700,000 unique addresses.
  • ENS rolled out a new fiat on-ramp for domain registrations via Web3 fiat payment gateway MoonPay in April this year.
  • The move enabled Web3 users to register decentralized .eth domains on the platform using various popular fiat payment options, such as Apple Pay and Google Pay, in addition to debit and credit cards as well.

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