ENS surges 10% as Ethereum Name Service considers moving to layer 2

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The ENS token, the native cryptocurrency of the Ethereum Name Service, soared 10% on Monday as the project announced that it is exploring the possibility of migrating to a layer 2 solution.

The Ethereum Name Service is a decentralized protocol that allows users to register and manage human-readable domain names on the Ethereum blockchain. For example, instead of using a long and complex address like 0x1234…abcd, users can use a simple and memorable name like alice.eth.

The ENS token was launched on November 8 as a governance token that allows holders to vote on proposals and parameters related to the protocol.

The token also entitles holders to a share of the revenue generated by the protocol from fees and royalties.

The token has been in high demand since its launch, as it was airdropped to over 137,000 users who had registered an ENS name before October 31.

The token reached an all-time high of $87.65 on November 11, according to CoinGecko, and has a market capitalization of over $1.6 billion.

On Monday, the ENS team posted an update on their Medium blog, stating that they are considering moving the protocol to a layer 2 solution in order to reduce gas costs and improve scalability.

Layer 2 solutions are platforms that run on top of the Ethereum blockchain and process transactions off-chain, while maintaining security and compatibility with the main chain.

The team said that they have been in contact with several layer 2 projects, such as Arbitrum, Optimism, StarkWare, zkSync, and Polygon, and that they are evaluating the pros and cons of each option. 

The team also said that they will consult with the ENS community and token holders before making any decision.

The announcement was well received by the market, as the ENS token jumped from $64.50 to $71.20 in a matter of hours, according to CoinGecko. The token is currently trading at $69.80, up 10% in the last 24 hours.

The ENS token may continue to benefit from the positive momentum and the growing adoption of the protocol. According to Etherscan, there are over 392,000 ENS names registered so far, and over 18,000 ENS token holders. The protocol also has integrations with major platforms such as Coinbase Wallet, MetaMask, Uniswap, OpenSea, and Twitter.

Download the full set of high quality 4K images at the link

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Pass: tnv.asia

Due to community guidelines, please follow the link below to see the full set of uncensored pics

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