Ethereum Name Service Sets Sights on Layer 2 Expansion

Boldly embracing the future, the Ethereum Name Service (ENS) – a decentralized, open, and forward-thinking naming protocol powered by the Ethereum blockchain – has publicly declared its intentions for Layer 2 (L2) growth. This revolutionary progression has been fueled by the escalating popularity of Ethereum, which, in turn, has inadvertently led to a rise in gas prices and steered market stakeholders toward more economically feasible substitutes.

Harnessing Layer 2 Interoperability: ENS Leading the Charge

As an innovative project, ENS previously revealed the long-planned Layer 2 interoperability initiatives slated to be launched through ENSIP-10: Wildcard Resolution and EIP-3668: CCIP Read – two effective systems for secure off-chain data retrieval.

During a recent community call, ENS’s team highlighted the crucial role of the forthcoming upgrade. Notably, this Layer 2 integration would usher in a new era of improved scalability while curtailing associated costs.

Boosting Domain Name Accessibility: The Role of Layer 2 Expansion

The team emphasized the Layer 2 expansion’s instrumental role in fostering a more streamlined interaction between existing solutions and ENS domains. This pivotal move will make domain name registrations and transactions more attainable to a larger demographic, enhancing user inclusivity.

The development team behind ENS has future plans to capitalize on off-chain resolvers. They will accomplish this through an ENS off-chain registrar contract with various service providers such as the Coinbase-backed project cb.id, Polygon-centric Lens Protocol, and Optimism-based OptiNames.

The digital asset marketplace experienced considerable upheaval last year. Nevertheless, ENS remained steady and secure, recording over 2.2 million domain names. This robust figure has persistently climbed, currently at a staggering 2.73 million across nearly 700,000 unique addresses.

ENS’s Innovations: Integrating Fiat Payment Gateway for Enhanced User Convenience

In April this year, ENS launched a groundbreaking fiat on-ramp for domain registrations via the Web3 fiat payment gateway, MoonPay. This strategic maneuver empowers Web3 users to register decentralized .eth domains through various popular fiat payment methods. These include convenient options like Apple Pay and Google Pay and more traditional ones like debit and credit cards.

The Ethereum Name Service’s strategic Layer 2 expansion represents a significant step towards transforming the future of the Ethereum-based naming system, leading to enhanced scalability, reduced costs, and increased accessibility. As ENS forges ahead, its efforts continue to strengthen Ethereum’s position within the cryptocurrency landscape.

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