Ethereum Name Service (ENS) Announces Layer 2 Expansion

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Ethereum Name Service (ENS) Announces Layer 2 Expansion

Ethereum Name Service (ENS) has announced its plans to expand to Layer 2 to improve scalability and reduce costs. The goal is to make domain name registrations and transactions more accessible to a wider user base.

How Many Domain Name Registrations Does ENS Have?

ENS has registered more than 2.2 million domain names, and the number is steadily increasing. Currently, there are nearly 700,000 unique addresses holding 2.73 million domains.

Why is Layer 2 Expansion Important for ENS?

The ENS team emphasizes the importance of Layer 2 expansion to facilitate the interaction of existing solutions with ENS domains, improving scalability and reducing costs. Layer 2 interoperability would make domain name registrations and transactions more accessible to a wider user base.

What are ENSIP-10 and EIP-3668?

ENSIP-10 and EIP-3668 are two proposals that ENS plans to use for Layer 2 interoperability. ENSIP-10 proposes wildcard resolution, which allows one ENS name to resolve to multiple targets. EIP-3668 proposes a new standard for off-chain data retrieval that can securely retrieve data from arbitrary sources. These proposals would help improve scalability and reduce costs, making domain name registrations and transactions more accessible to a wider user base.

What is ENS’s Partnership with MoonPay?

ENS partnered with the Web3 fiat payment gateway MoonPay to allow users to register decentralized .eth domains on the platform using popular fiat payment options, such as Apple Pay and Google Pay, in addition to debit and credit cards. The partnership has made domain name registrations more accessible to a wider user base.

How has ENS Performed in the Digital Asset Space?

Despite the market turmoil in the digital asset space last year, ENS continues to register more domain names. The Layer 2 expansion plans would further improve scalability and reduce costs, making ENS domains even more accessible to a wider user base.

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