To increase the scalability of blockchain-based identities, ENS Labs, the company that created Ethereum Name Service (ENS), has unveiled a Layer-2 solution.
The announcement was made on November 11 during the “frENSday” conference in Bangkok, following months of preparation.
ENS launches Namechain to cut Ethereum gas fees
The ENSv2 update was first introduced by ENS Labs as a remedy for Ethereum’s growing transaction prices and scalability issues. By converting complicated addresses into comprehensible names, ENS has simplified Ethereum usage since its inception in 2017. One example of a legible name is Vitalik Buterin’s Ethereum co-founder’s ENS address, “Vitalik.eth.”
Announced live at #frENSday🎤
Namechain by @ensdomains , a purpose-built Layer 2 solution!
This is the next evolution in ENS and part of the larger ENSv2 direction. By dramatically reducing costs, improving performance, and providing a familiar Ethereum developer experience our… pic.twitter.com/bIwHa22vJL
— ens.eth (@ensdomains) November 11, 2024
But as Ethereum’s network expanded, so did the need for quicker processing and cheaper prices. A hierarchical registry system was put in place by ENSv2 to handle these increasing demands. This enables users to create custom resolvers and handle subdomains more effectively.
Building on these ENSv2 updates, Namechain now uses rollup technology to lower gas costs and streamline the name registration procedure. Namechain, which works with ENSv2, aims to reduce the cost and simplify the process of managing blockchain identities.
Prior to choosing this course, ENS Labs considered a number of Layer-2 alternatives, such as Matter Labs’ ZK Stack. Due to the necessity of a smooth user experience, the company ultimately made the decision to develop its own internal solution.
Ethereum-based L2 solutions are now more affordable and scalable thanks to the recent release of EIP4844. ENS Labs will use a staged migration strategy, beginning with adjustments to the resolution procedure, to reduce any possible interruptions.
“Big moves for ENS! Namechain is set to redefine user experience with reduced costs and faster performance. Can’t wait to see the impact this will have on the ENS ecosystem and beyond,” said one X user.
Users may choose whether to maintain their ENS names on the Ethereum (ETH) mainnet or the Layer-2 network with this flexible arrangement. The ENS DAO has requested a 4 million USDC yearly budget from ENS Labs to facilitate the implementation of ENSv2 and Namechain.
Recently, ENS has expanded its capabilities. It added Venmo and PayPal interfaces in September, enabling cryptocurrency transfers for more than 270 million US consumers.
The price of ENS tokens rose little in response to the announcement, closing at $26.28. By enabling developers more registry freedom and offering customers an inexpensive, high-performance experience, this layer 2 migration raises ENS’s profile within the Ethereum ecosystem.
Will Dogecoin price soar to $1.8 after clearing a 3-year resistance?
The price of Dogecoin breaks a three-year resistance and rises 27.9%. Can DOGE hit $1.8 once Bitcoin hits a new high?
The price of Dogecoin (DOGE) is currently at $0.4050 after recording sustained gains of 43.4% over the previous day. This rise comes after Bitcoin’s dramatic ascent to a record high of $89,561. Additionally, a 3-year resistance level has been broken by the price increase, which may send DOGE’s price back to its former all-time high and much higher, maybe to $1.8.
Dogecoin price soars amid Bitcoin price explosion
Dogecoin is currently valued at $53 billion, barely behind BNB (BNB), after the price of Bitcoin (BTC) surged. The price of DOGE is at its highest point in the past three years and is only around two times away from hitting its prior peak. The dog-themed meme coin may surpass BNB and Solana (SOL) as the fourth-largest cryptocurrency asset by market capitalization if it continues to rise.
Out of the top ten cryptocurrency assets (not including stablecoins), DOGE is the best performer. In the past 30 days, it has increased by 252%, with Cardano (ADA) coming in second at 66%. With a rise of just 12% over the previous month, XRP (XRP) was the worst-performing asset among the top 10.
Dogecoin eyes additional gains back to ATH
The price of Dogecoin (DOGE) faces minimal challenges after breaking through the $0.35 level. On-chain data indicate an extended rise higher, and the route to the previous all-time high is evident. According to Coinglass statistics, there are more over $320 million in longs and barely $20 million in shorts on Binance, OKX, and Bybit. This disparity indicates that the market is dominated by positive enthusiasm, and Dogecoin might rise sharply.
According to IntoTheBlock statistics, 95.25% of Dogecoin investors are making money, compared to just 0.02% who are losing money and 4.73% who are at the money. Given that the Dogecoin 24-hour trading volume has grown by 26% according to Coingecko statistics, indicating that investors are still supporting the project, this number might swiftly alter.
Dogecoin eyes new all-time high at $1.8
Market watchers predict that DOGE may rise beyond $1 before the end of the year, given the present volatility in Dogecoin price movement. After a protracted accumulation period, the DOGE chart displays a robust upward breakthrough, smashing over the key resistance levels at $0.23 and $0.35. Around $0.7605, the level that DOGE last hit at its top in 2021, is the next significant obstacle.
According to the Dogecoin price forecast, the asset may be about to enter an impulsive wave, which might lead to greater resistance levels in the subsequent bullish wave. The last objective in this wave, $0.76, may be approached if this rally continues.
Worldcoin price shoots 28% as global ID verification expands to 40 countries
As World ID spreads to more than 40 countries, the price of Worldcoin rises by 28%, increasing interest in WLD with a 76% increase in trading volume.
As the World ID project, which Sam Altman co-founded, extends its identity verification services to over 40 nations, the price of Worldcoin has surged by 28%.
Recent introductions in Costa Rica, Poland, and Austria are part of this swift global rollout, which focuses on developing a safe, decentralized ID system with biometric verification. Worldcoin’s worldwide reach has progressively expanded despite regulatory obstacles, especially those pertaining to the usage of iris-scanning Orbs, which has raised interest in its native cryptocurrency, WLD.
Worldcoin price shoots 28% as global ID verification expands
The price of Worldcoin (WLD) has been rising steadily over the past day, fluctuating between an intra-day high of $2.83 and a low of $2.12, respectively. The price of WLD was at $2.80 at the time of writing, up 38% from the support level and 66% over the previous week. With the establishment of additional offices in Colombia, Ecuador, and Guatemala, the World project’s growth in Latin America has advanced significantly.
The initiative intends to secure identity verification and solve concerns about digital fraud by using Orbs in these areas. This strategy has also been successful in certain European countries, as Worldcoin’s reach has increased despite legislative obstacles thanks to recent launches in Austria and Poland.
However, regulatory scrutiny is still a problem. The privacy concerns of collecting biometric data have been questioned by South Korean regulators as well as by authorities in Germany and Spain. Local authorities in Kenya halted Worldcoin’s operations because of worries about data protection. These difficulties highlight the difficult terrain that Worldcoin must traverse in order to make inroads into new markets.
Sam Altman praises project growth amid user surge
The World project’s co-founder, Sam Altman, recently praised the team’s accomplishments, pointing out that more than 16 million users have been validated using World ID. Altman commended World’s CEO, Alex Blania, for effectively leading the project’s growth in a difficult regulatory environment.
Altman said on social media, “Amazing progress at World over the past year,” and expressed optimism about the future of cryptocurrencies.
Since Worldcoin has validated millions of users worldwide, interest in WLD has grown. WLD’s current price progress has been aided by the World project’s growing popularity and awareness, with the token gaining traction as more people join the network.
WLD price analysis, rally to $3?
The price of WLD has experienced increased trading activity as Worldcoin’s user base expands. In line with the recent 28% price increase, trade volume has increased by 76.56% to $2.38 billion.
At $346.38 million, open interest has likewise increased by 38.51%. As fresh money enters the market, this increase in volume and open interest frequently indicates a bullish perspective and might encourage additional upward momentum.
Positive developments for WLD are also shown by technical indicators. The Chaikin Money Flow (CMF) indicator shows modest purchasing pressure, while the Money Flow Index (MFI) is near overbought territory at 70.51. Although there is a chance of a pullback if purchasing pressure lessens, analysts predict that if WLD maintains its present trend, it may touch the $3.00 barrier level.
Institutional interest and large transactions indicate market confidence
Significant engagement from major holders and institutions has coincided with the price spike of Worldcoin. A strong degree of institutional interest was indicated by the $236.93 million in transaction volumes for transactions over $100,000 over the previous week.
This implies that bigger investors are actively modifying their positions in Worldcoin and are growing more hopeful about the cryptocurrency’s long-term prospects.
The cryptocurrency has shown resilient in the face of volatility, with 45% of holders now “in the money” and profitable at the current Worldcoin price. Even if some experts warn that there may be short-term resistance to the WLD price, particularly close to the critical $3.00 level, the steady rise in large-scale transactions indicates a strong base of market confidence.
