Is Ethereum Name Service readily available in the Layer 2 ecosystem? What is the significance of ENS launching the EVM gateway?

Ethereum Name Service (ENS) is a distributed, open, and scalable naming system based on the Ethereum blockchain. As a core component, ENS provides easy-to-understand and memorable names for blockchain addresses, greatly simplifying the user interaction experience within the Ethereum ecosystem. Below is a brief introduction to the ENS project.

ENS Achieves Commercial Success and is Well-Established in Web3 Application Scenarios

ENS is a leader in the Web3 domain name space and has received support from the Ethereum Foundation. Vitalik Buterin described ENS in an interview as "the most successful non-financial Ethereum application to date," comparing it to a decentralized phone book, which highlights the importance of ENS in simplifying blockchain interactions.

ENS has also been commercially successful, with current monthly revenues reaching between $1-2 million, primarily from domain name registrations and renewals. ENS (Ethereum Name Service), as a service based on the Ethereum blockchain, is not limited to providing memorable blockchain address names. Its application scenarios are wide-ranging, demonstrating versatility and innovation in the Web3 environment.

ENS Revenue Trend Chart

One of the main uses of ENS is to replace long, hard-to-remember cryptocurrency addresses with human-readable and easy-to-remember names. Users no longer need to input cumbersome alphanumeric strings when sending cryptocurrency; instead, they can use easily readable addresses (like "alice.eth") to send and receive cryptocurrency. This simplifies the cryptocurrency payment process and makes managing user identities and wallet addresses more convenient.

ENS also allows users to create an unlimited number of subdomains for their ".eth" names, customizing each subdomain individually. This is particularly useful for corporate or community identities. For example, a company can issue its employees or community members their own subdomains, such as "employee.company.eth." This not only increases brand recognition but also provides users with an online identity directly associated with the organization or community they belong to.

ENS also provides users with a single online identity for use across various decentralized applications (dApps) and supporting services. ENS domain names can include users' social media handles, NFT collections, and even website links. This single online identity simplifies navigation for users in the Web3 world and makes interactions with various dApps, wallets, and services more convenient.

Launching the EVM Gateway, ENS Opens Up the Layer 2 Ecosystem for Greater Application Value

Recently, ENS launched the EVM (Ethereum Virtual Machine) gateway. This gateway serves as the foundation for the next-generation L2 resolver and is the first step in the L2 roadmap, allowing L1 smart contracts to efficiently and securely obtain and verify states from other EVM chains (L2), aiming to enhance interoperability between L1 and L2 chains. The following will introduce the ENS project and the significance of its integration with EVM.

The EVM gateway is key for ENS to connect the Ethereum Layer 2 ecosystem, enabling the storage of ENS records on Layer 2 and enriching the functionality of ENS domain names.

ENS Official Announcement of EVM Gateway on GitHub

The core function of the EVM gateway is to enhance interoperability between L1 and L2. By providing a universal CCIP-Read gateway framework and Solidity library, it allows L1 smart contracts to efficiently and securely obtain and verify state information from other EVM-compatible chains (like L2). This improvement in cross-chain interoperability is crucial for the development of decentralized applications, as it allows smoother interactions between different blockchain networks, enhancing the connectivity and functionality of the entire ecosystem.

ENS domain names can now be more easily traded and operated across different L2 solutions, which is particularly important for applications like decentralized finance (DeFi). The implementation of the EVM gateway may reduce transaction costs and increase processing speeds, providing users with a more efficient experience.

By enhancing interoperability between L1 and L2, the EVM gateway opens up new possibilities for the use of ENS in decentralized identity verification and cross-chain services. For example, ENS domain names can be used for identity verification across multiple chains, which is significant for building a more interconnected and efficient Web3 ecosystem.

The realization of the EVM gateway provides a new way to enhance interoperability within the blockchain ecosystem while opening up new possibilities for the future applications of ENS, marking an important step in their Layer 2 strategy.

In the short term, the EVM gateway may play a role in improving transaction efficiency and reducing costs for decentralized applications. In the long term, this technological advancement could become an important milestone in the development of ENS and the entire blockchain ecosystem, contributing to the construction of a more efficient and interconnected digital world.

However, the future of ENS remains full of challenges, and ENS needs to continuously optimize its services to maintain its leading position in the competitive WEB3 domain name space.

Empowering Decentralized Networks, ENS Builds the Smartest and Most Practical Infrastructure for the Web3 World

By integrating distributed storage solutions like IPFS, ENS supports the creation of decentralized websites. Such websites use distributed protocols among numerous independent data storage nodes, meaning that data stored on the IPFS network cannot be deleted or blocked by a single entity. This not only enhances data security and resistance to censorship but also provides an effective way to create and access decentralized content.

ENS Data Performance Chart

As Ethereum's Layer 2 solutions develop and mature, ENS's ability to provide resolution services across the ecosystem becomes increasingly important. By developing a universal "Layer 2 bridge," ENS and other applications needing cross-platform interoperability can retrieve data from various off-chain sources. This trustless approach provides a foundation for ENS's interoperability across multiple solutions.

ENS is also exploring the possibility of publishing subdomains in off-chain environments, which involves using off-chain data storage to publish subdomains and the use of off-chain resolvers. This offers ENS domain owners more flexibility and control while also raising some security and trust considerations.

In summary, ENS enhances the functionality of decentralized networks through its diverse use cases, providing users in the Web3 world with more convenience and choices. As blockchain technology continues to evolve, these use cases of ENS may continue to expand, contributing to the construction of a more efficient and interconnected digital world.