In a recent community call, the team behind the Ethereum Name Service (ENS) revealed plans to adopt a Layer-2 platform in light of increasing gas fees on the mainnet. In response to this planned move, ENS prices climbed roughly 10%, floating higher with increasing trading volumes, evident in the daily chart. The Ethereum Name Service ENS is a decentralized naming system on Ethereum. It provides an easy-to-use and human-readable naming system that allows users to rename mainnet addresses, smart contracts, and other resources. This system permits users to create and employ memorable domain names instead of complicated addresses. Related Reading: Stellar (XLM) Takes Investors By Surprise With 23% Rally The team behind the ENS believes their solution makes it easier for everyone to interact with the pioneer smart contracting platform, and is handy, especially in sending and receiving transactions. In this arrangement, the platform maps a user’s domain, the human-readable address, with their original address or deployed smart contract on the Ethereum mainnet. However, since ENS maps all addresses on the Ethereum mainnet, transaction fees apply, a co ..
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