Ethereum Name Service Prepares for Layer 2 Expansion

The Ethereum Naming Service, the distributed, open, and extensible naming system that operates on the Ethereum blockchain, announced plans for Layer 2 expansion.

The growing popularity of Ethereum increased gas prices significantly, forcing market participants to search for profitable alternatives. Ethereum Name Service (ENS) is one of those projects that had previously said that Layer 2 interop has been in the pipeline for quite some time via: ENSIP-10 – Wildcard Resolution and EIP-3668 – CCIP Read – Secure Recovery of data off-chain.

• in a community call This week, the team behind ENS emphasized the importance of the upgrade that would lead to Layer 2 expansion to improve scalability and reduce costs.
• They said that making existing solutions easier to interact with ENS domains would help make domain name registrations and transactions more accessible to a broader user base.
• In the future, the developers behind the Ethereum-based naming system intend to take advantage of off-chain resolvers through an ENS off-chain registry contract and different service providers, such as the cb.id-operated project by Coinbase, the Polygon-based Lens Protocol, Optimism-based OptiNames, etc.
• Undeterred by the market turmoil in the digital asset space last year, ENS registered more than 2.2 million domain names.
• The number has been steadily increasing and currently stands at 2.73 million across nearly 700,000 unique addresses.
• IS rolled launched a new fiat gateway for domain registrations through the Web3 MoonPay fiat payment gateway in April this year.
• The move allowed Web3 users to register decentralized .eth domains on the platform using several popular fiat payment options, such as Apple Pay and Google Pay, in addition to debit and credit cards.