ENS Labs is building the Layer2 network "Namechain", which is expected to be launched by the end of next year.

PANews November 11th news, according to Coindesk, ENS Labs, the company behind the Ethereum Name Service (ENS), is advancing its plan to launch its own Layer2 network. ENS Labs Chief Operating Officer Katherine Wu revealed that the new network, called Namechain, will be launched at the end of next year. It will use zero-knowledge aggregation, an extension technology that speeds up Block chain transaction speed and drops execution costs by compressing the amount of data released on-chain. ENS Labs said in a press release on Monday: “This technology allows Namechain to process and execute transactions outside the main ETH network, while still inheriting the full security of the ETH network, but at a fraction of the cost.” The new network will leverage the existing infrastructure of zero-knowledge chains compatible with the ETH Virtual Machine, and the team is in the final stage of choosing which zkEVM to use.