ENS Labs is looking to launch its own layer-2 [L2] network.
Background
- The new network will be called Namechain
- It is expected to go live by the end of 2025
- Namechain will use zero-knowledge [ZK] roll-ups
Why should you pay attention?
- The team is looking to tap on the infrastructure of an existing ZK chain compatible with the Ethereum Virtual Machine [EVM]
- At the minute, developers are in the final stages of choosing which zkEVM they will use
- Namechain represents ENS' next evolution
- Improvements in scalability, cost, and new application enablements are key things to look forward to
Who said what?
- Commenting on the essence of ZK rollups, the team said,
“This technology allows Namechain to process and execute transactions off of the main Ethereum network while still inheriting the full security of Ethereum, but at a fraction of the cost”
- Chalking out how this shift would affect users, ENS Labs' chief operating officer, Katherine Wu, said,
“"The heavy technical lift here will be in making sure that Namechain is backward compatible with ENSv1 (the current set up on Ethereum mainnet) from day one of launch. [To] a user, there should be no difference on the front end/user experience as we launch Namechain, except for lower gas fees"
Zooming out
- In other related news, crypto exchange Kraken is looking to launch its own L2 blockchain, Ink
- It has tapped on Optimism’s OP stack to build its chain atop the Ethereum network
- Ink’s testnet is slated to go live later this year
- Meanwhile, the blockchain is expected to become open to retail and institutional users by Q1 2025
