Follow Us @
ENS Token Soars 10% After ENS Labs Announces Namechain, L2 Solution for Ethereum
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
The cryptocurrency market has seen a significant increase in the price of the ENS token, driven by ENS Labs’ announcement of its new layer 2 solution for Ethereum called “Namechain”. This news caused the value of ENS to rise by more than 10%, generating excitement among investors and the blockchain community.
ENS Labs showcased Namechain during the “frENSday” event in Bangkok, which took place on November 11. This layer 2, designed specifically for Ethereum, seeks to optimize the registration of names and identities on the blockchain, reducing costs and increasing scalability through a technology known as “rollups”.
According to Greg Skril, Developer Relations leader at ENS Labs, Namechain will facilitate the process of registering and updating names, in addition to allowing the management of decentralized websites in a more accessible way.
ENS operates as a blockchain solution that replaces traditional domains like “.com” and “.org” with the “.eth” extension, making it simpler to read and manage blockchain addresses. This innovation has been widely adopted, including by big names in the sector, such as the co-founder of Ethereum, Vitalik Buterin, who uses the address “Vitalik.eth” on the Ethereum network.
ENS Token
Shortly after Namechain’s announcement, the ENS token appreciated by 10.8%, jumping from US$19.46 to US$21.56 in less than half an hour, according to data from CoinGecko. However, this increase was temporary, with the value of ENS subsequently falling back to $19.22, reflecting the volatility of the cryptocurrency market.
Jeff Lau, developer at ENS Labs, highlighted that the “.eth” domain will remain anchored on the Ethereum mainnet, while other functionalities will be expanded to layer 2. The decision to build an own L2 solution, instead of using another chain, aims to provide a more intuitive user experience, aligned with ENS Labs’ vision of making blockchain domain registration and management accessible and simplified.
Furthermore, ENS Labs was already demonstrating its focus on expanding functionality. In September, the company integrated its naming service with payment platforms such as PayPal and Venmo, enabling cryptocurrency transfers directly between these platforms, a move that expands ENS’s reach to more than 270 million users in the United States.
The expectation with Namechain and the integration with major players in the sector increases interest in ENS, reinforcing the importance of ENS Labs in the Ethereum ecosystem.
ENS Token Soars 10% After ENS Labs Announces Namechain, L2 Solution for Ethereum
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
ENS Token Soars 10% After ENS Labs Announces Namechain, L2 Solution for Ethereum
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
ENS Token Soars 10% After ENS Labs Announces Namechain, L2 Solution for Ethereum
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
ENS Token Soars 10% After ENS Labs Announces Namechain, L2 Solution for Ethereum
