The ENS token experienced a significant surge of over 10% following the announcement of ENS Labs' new Ethereum layer 2 solution, Namechain. Namechain, unveiled at the 'frENSday' conference in Bangkok, aims to streamline blockchain identity registration at reduced costs through rollups. Working alongside ENSv2, Namechain simplifies name registration, record updates, and decentralized website management. Vitalik Buterin, Ethereum's co-founder, is a prominent user of ENS, with his Ethereum address searchable as 'Vitalik.eth.' Despite the initial spike in token value, ENS has since dipped below its pre-announcement price. ENS Labs' decision to develop its Ethereum layer 2 was driven by the goal of creating a user-friendly experience. The integration of ENS with payment platforms like PayPal and Venmo further expands its reach to millions of users in the United States. Read more AI-generated news on: https://app.chaingpt.org/news

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