• Ethereum Name Service (ENS) announced plans for Layer 2 expansion to improve scalability and reduce costs.
• The team behind ENS is leveraging off-chain resolvers via an ENS off-chain registrar contract and different service providers.
• Currently, there are nearly 700,000 owners of ENS domains with more than 2.73 million domain names registered.
Ethereum Name Service Plans Layer 2 Expansion
The Ethereum Name Service (ENS) – a distributed, open, and extensible naming system operating on the Ethereum blockchain – has announced plans for Layer 2 expansion in order to improve scalability and reduce costs. This move comes as the growing popularity of Ethereum significantly increased gas prices forcing market participants to look for cost-effective alternatives.
Layer 2 Interoperability
In order to facilitate the interaction of existing solutions with ENS domains, Layer 2 interoperability will be enabled via two initiatives: ENSIP-10: Wildcard Resolution and EIP-3668: CCIP Read: Secure offchain data retrieval. The team behind the Ethereum-based naming system will leverage off-chain resolvers via an ENS off-chain registrar contract and different service providers such as Coinbase’s cb.id project, Polygon’s Lens Protocol, Optimism’s OptiNames, etc.
Growing Popularity of Ethereum
Despite the market turmoil in the digital asset space last year, the popularity of ENS has only been increasing steadily over time with more than 2.2 million domain names currently being registered across nearly 700,000 unique addresses worldwide.
Lower Transaction Costs
With this layer 2 expansion update from ENS, users will now be able to register domains and transact at lower costs without sacrificing security or usability while still being able to benefit from all the features that have made it so popular in recent times including its decentralized nature and support for multiple applications within its ecosystem like DeFi protocols or NFTs.
Improved Accessibility
Overall this upgrade should make domain name registrations and transactions much more accessible to a larger userbase due to reduced fees associated with them which could prove invaluable in driving further usage of not just the platform but also other applications within its network that depend on it for their functioning such as wallets or exchanges among others.