The Ethereum Name Service (ENS) announced yesterday that it plans to migrate its core functionality to Layer2 networks to enhance scalability and reduce transaction fees. Encouraged by this news, the price of ENS briefly surpassed $28.
Table of Contents:
Users to benefit from low fees on Layer2
ENS partners with Intercap to integrate .box domains
ENS price briefly surpasses $28
The Ethereum Name Service (ENS) announced on X, a social media platform, yesterday that it plans to upgrade ENS by migrating the ENS protocol from the Ethereum mainnet to Layer2 networks.
Users to benefit from low fees on Layer2
According to the official statement from ENS, this upgrade aims to enhance scalability and reduce transaction fees by migrating its core functionality from the Ethereum mainnet to Layer2 networks. However, the specific Layer2 network for the migration has not been determined yet.
In addition, ENS has proposed a new “layered registration system” to more efficiently manage .eth domains, including managing subdomains and configuring resolvers. Nick Johnson, the founder of ENS, commented on this proposal.
ENS partners with Intercap to integrate .box domains
It is worth mentioning that ENS announced its collaboration with Intercap on the 23rd of last month to introduce .box domains into the ENS management application. The official statement from ENS regarding this partnership states:
The unique aspect of .box domains is that they operate on the blockchain. This means that .box domains can be used not only for regular internet URLs and email addresses but also as cross-platform personal Web3 identities, which holds significant importance in the following aspects:
Promoting adoption:
Users accustomed to the traditional internet will find it easier to transition from familiar traditional DNS TLDs to Web3, thereby accelerating the adoption of ENS.
Expanding functionality:
Integrating DNS TLDs enhances the functionality of ENS, allowing users to enjoy the advantages of decentralized services while still using traditional domains.
Strengthening network effects:
The fusion of Web2 and Web3 technologies will drive active participation from developers.
Catalyzing technological integration:
This integration marks an important step in the convergence of centralized and decentralized network services, demonstrating a shift towards user-centric network models.
Note: This implies that ENS may potentially integrate with .com or other commonly used traditional internet domains in the future.
ENS price briefly surpasses $28
Encouraged by this news, the price of ENS briefly surged above $28, reaching a high of $28.5. At the time of writing, it has retraced slightly and is trading at $25.94, with a 24-hour gain of 4.07%.
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ENS price trend. Source: OKX Market
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