Popular Altcoin Project Announces New Layer 2 Network Namechain: Costs to Drop by 99%!

ENS Labs, the team behind the Ethereum Name Service (ENS), has unveiled its latest project, a Layer 2 network called Namechain. Designed to provide cost-effective, decentralized naming services, Namechain promises a 99% reduction in transaction costs while maintaining Ethereum’s robust security.

Efficient and Secure Transactions on Namechain

ENS Labs co-founder Jeff Lau introduced Namechain at the “frENSday” event in Bangkok, explaining that unlike other Layer 2 rollups, ENS is uniquely positioned to focus on specific features thanks to its established user base. Namechain is expected to launch in late 2025 and will operate on zero-knowledge proof technology, enabling transactions outside the Ethereum mainnet with significantly lower costs. According to Lau, Namechain will be “Layer 2 independent,” allowing users to access ENS services from their preferred Layer 2 networks seamlessly.

One of Namechain’s standout features is Layer 2-to-Layer 2 bridging, allowing users to conduct cross-layer transactions and make payments through any Layer 2 network of their choice. Lau emphasized that the architecture’s control over protocol management will enhance the user experience, creating an efficient infrastructure that prioritizes decentralization and security.

ENS’s Vision for the Future

As part of ENS Labs’ roadmap, Namechain will prioritize quick transaction finality, open-source accessibility, and the preservation of ENS’s decentralized structure. The launch will further ENS Labs’ goal to offer more affordable and accessible naming services by 2025, supporting the evolution of the ENS ecosystem. Namechain was developed as part of the “ENSv2” protocol, introduced in May 2023, aimed at making ENS services more flexible and affordable across Ethereum Layer 2 networks.

ENS Labs has reportedly secured partnerships for Namechain’s Layer 2 integration, though details remain under wraps. In September, ENS announced the integration of ENS services with Paypal and Venmo, highlighting growing institutional interest. ENS Labs revealed that there are currently over 2 million ENS registrations on-chain and more than 4 million names registered off-chain, showcasing ENS’s expanding adoption.

ENS Labs, Ethereum Name Service, Layer 2 network, Namechain, zero-knowledge proof