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ENS Labs Unveils Namechain Layer 2 Launching in 2025; ENS Token Jumps 10%

Nov 11, 2024, 05:10 AM

ENS Labs, the organization behind the Ethereum Name Service (ENS), has announced the development of Namechain, a purpose-built Layer 2 solution on Ethereum designed to scale blockchain identity while maintaining decentralization and security. Namechain utilizes multiprover systems using fraud and validity proofs in addition to TEE validation, going beyond the original Stage 2 specifications. The network aims to simplify name registration, record updates, and decentralized website management. The plan involves migrating ENS from Ethereum to its own Layer 2 network, which is expected to launch by the end of 2025. Namechain is part of the broader ENSv2 initiative, aiming to dramatically reduce costs, improve performance, and provide a familiar Ethereum developer experience. The announcement was made live at the frENSday event and has resulted in a 10% surge in the ENS token price. Vitalik Buterin, co-founder of Ethereum, referred to ENS as Ethereum's most successful non-financial application.