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Ethereum Name Service – the decentralized, open, and extensible naming system functioning on the Ethereum blockchain – has revealed intentions for Layer 2 expansion.
The rising popularity of Ethereum has significantly driven up gas fees, prompting market participants to seek more economical alternatives. Ethereum Name Service (ENS) is one such initiative that previously indicated that Layer 2 interoperability has been in development for some time through – ENSIP-10: Wildcard Resolution and EIP-3668: CCIP Read: Secure offchain data retrieval.
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- During a community call this week, the ENS team highlighted the significance of the upgrade that would facilitate Layer 2 expansion to enhance scalability and lower costs.
- They noted that enabling the interaction of existing solutions with ENS domains would make domain name registrations and transactions more accessible to a broader audience.
- Looking ahead, the developers behind the Ethereum-based naming system plan to utilize off-chain resolvers through an ENS off-chain registrar contract and various service providers, including the Coinbase-operated project cb.id, Polygon-based Lens Protocol, Optimism-based OptiNames, among others.
- Despite the market volatility in the digital asset sector last year, ENS achieved over 2.2 million domain names.
- This number has been consistently increasing and currently totals 2.73 million across nearly 700,000 unique addresses.
- In April of this year, ENS introduced a new fiat on-ramp for domain registrations via the Web3 fiat payment gateway MoonPay.
- This initiative allowed Web3 users to register decentralized .eth domains on the platform using various popular fiat payment methods, including Apple Pay, Google Pay, as well as debit and credit cards.
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