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    ENS Labs introduces Namechain, a new Ethereum layer 2 solution, driving initial surge in ENS token prices

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    ENS Labs unveiled its Ethereum layer 2 solution, Namechain, causing Ethereum Name Service (ENS) token to surge 10%. Namechain in combination with the ENSv2 protocol aims to simplify blockchain identity and reduce registration costs. ENS offers an alternative to internet domains like “.com”. However, ENS token price later dropped below its pre-news figure. ENS’s “.eth” domain will still operate on Ethereum’s mainnet, with further support on other Ethereum layer 2s. ENS Labs hinted in February at creating its own Ethereum layer 2 and have partnered with an unnamed industry player for development help.

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    The Ethereum Name Service (ENS) token saw a lovely bump of over 10% after ENS Labs spilled the beans about their new Ethereum layer 2 solution called “Namechain.”

    This shiny new tool is all about easing the stress of scaling blockchain identity. It’s going to simplify registering names and reduce costs all thanks to rollups, as explained by the ENS Labs honchos during a chat at the “frENsday” conference in Bangkok on November 11.

    Namechain and “ENSv2”, the protocol that made it possible for ENS to reach Ethereum layer 2s, will be a kickass team. “Between ENSv2 and Namechain, it’s going to be a cinch to register names, update records, look after decentralized websites, and much more,” as put by the ENS Labs Developer Relations Lead, Greg Skril.

    ENS is a badass solution to the internet’s top-level domains like “.com” and “.org” in the domain name system – way easier to read than a bunch of numbers and periods.

    One of the best-known users of ENS is the big shot Ethereum co-founder Vitalik Buterin, whose Ethereum address can be found in an Ethereum block explorer by typing in “Vitalik.eth.”

    The ENS token had an exciting ride, jumping 10.8% from $19.46 to $21.56 in just a half-hour pretty soon after this juicy news came out, as noted by CoinGecko. However, it was a fleeting high with ENS now below its pre-news price at $19.22.

    Jeff Lau, an ENS Labs developer, explained that ENS’s “.eth” domain will stick to the Ethereum mainnet and ENS will also be supported on other Ethereum layer 2s.

    Choosing to create its own Ethereum layer 2 rather than just working on another chain was all about making a user-friendly UX, according to Lau.

    In February, folks at ENS Labs hinted that they were focusing hard on figuring out ways to create their own Ethereum layer 2 in a chat with Cointelegraph. They also said they’ve teamed up with a major industry player for help with their layer 2 expansion, but they didn’t drop any names.

    In September, ENS synced up its name service protocol with payment platforms PayPal and Venmo for crypto transfers. This news is expected to reach more than 270 million users in the US.

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