ENS Labs Unveils Details of Namechain L2 Solution

Developers at Ethereum Name Service (ENS) have disclosed details of their upcoming Layer 2 solution, Namechain.

Announced live at #frENSday?

Namechain by @ensdomains, a purpose-built Layer 2 solution!

This is the next evolution in ENS and part of the larger ENSv2 direction. By dramatically reducing costs, improving performance, and providing a familiar Ethereum developer experience our… pic.twitter.com/bIwHa22vJL

— ens.eth (@ensdomains) November 11, 2024

The announcement triggered a 15% surge in the native ENS token price to $22. At the time of writing, the price had settled back to $19.7, marking a 0.5% decrease over the past 24 hours, according to CoinGecko.

“With ENSv2 and Namechain, it will become significantly easier to register names, update records, manage decentralized websites, and much more,” explained Greg Skril, Head of Developer Relations at ENS Labs.

Team member Jeff Lau clarified that the .eth domain will remain “tied” to the mainnet, while ENS will gain support for other Ethereum Layer 2 solutions.

The initiative aims to create a user-friendly interface rather than integrate its solution into another blockchain, Lau noted.

In February, ENS Labs announced the expansion of its service to Layer 2 protocols as part of a new update.

In February, the largest DEX, Uniswap, introduced uni.eth subdomains based on ENS infrastructure. In August, the Base team followed suit with their Basenames system.

In September, developers from payment platforms PayPal and Venmo integrated the service.