ENS token rises 10% as ENS Labs announces ‘Namechain’ Ethereum L2

As a seasoned analyst with over two decades of experience in the tech and blockchain industry, I find the recent developments surrounding Ethereum Name Service (ENS) intriguing. The announcement of their new Ethereum layer 2 solution, “Namechain,” is an exciting step forward for scalable blockchain identity solutions.


As a researcher delving into the dynamic world of cryptocurrencies, I experienced an exciting surge in value when the Ethereum Name Service (ENS) token skyrocketed over 10% upon ENS Labs unveiling the specifics of their innovative Ethereum layer 2 solution, dubbed “Namechain.

As an analyst, I’d rephrase that as follows: At the “frENSday” conference in Bangkok on November 11th, representatives from ENS Labs outlined that Namechain is a specialized Ethereum layer 2 solution designed to enhance blockchain identity scalability. This innovation simplifies and economizes name registration processes using rollups, thereby reducing costs.

Namechain collaborates seamlessly with “ENSv2” – the system that empowers ENS (Ethereum Name Service) to extend its functionality across Ethereum layer 2 networks.

According to Greg Skril, the ENS Labs Developer Relations Lead, “Using ENSv2 and Namechain will make it much simpler to create, modify information, control decentralized websites, and perform other tasks.

ENS token rises 10% as ENS Labs announces ‘Namechain’ Ethereum L2

ENS, or Ethereum Name Service, serves as a user-friendly alternative to traditional internet domain names such as “.com” and “.org”, within the Domain Name System. This system makes it simpler to navigate the web by replacing complex numerical IP addresses with more familiar, easy-to-remember words.

As a crypto enthusiast, it’s fascinating to note that the widely recognized Ethereum co-creator, Vitalik Buterin, is one of the prominent adopters of ENS (Ethereum Name Service). By simply keying in “Vitalik.eth” into an Ethereum block explorer, I can easily trace his Ethereum address.

In just half an hour following the announcement, the value of ENS tokens surged by 10.8%, rising from $19.46 to $21.56, as reported by CoinGecko. Yet, this surge proved brief, as the current price of ENS now sits below its initial level at $19.22.

Jeff Lau, a developer at ENS Labs, pointed out that the ENS name domain “.eth” will continue to be tied or fixed to the Ethereum mainnet. He further mentioned that ENS will also be compatible with other layers of Ethereum.

Lau explained that one of the primary motives for ENS Labs in creating their own Ethereum layer 2 was to ensure a user-friendly experience, rather than integrating their solution onto another blockchain.

In a recent interview with CryptoMoon, ENS Labs disclosed that they are putting significant effort into exploring methods for developing their own Ethereum layer 2 solution.

ENS Labs hinted at collaborating with a significant industry figure for their layer 2 growth, without revealing the specific company involved in the partnership.

ENS token rises 10% as ENS Labs announces ‘Namechain’ Ethereum L2

In September, ENS linked its naming system protocol with digital payment services such as PayPal and Venmo, enabling cryptocurrency transactions.

The integration is expected to reach more than 270 million users in the United States.

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2024-11-11 09:25