Ethereum Name Service (ENS Coin) Chooses Linea’s zkEVM Technology to Develop Its Own Layer-2 Network Called Namechain

Polygon (POL) community members have rejected a preliminary proposal to deploy over $1 billion worth of stablecoins from the PoS Chain bridge to generate returns

Ethereum Name Service (ENS Coin) announced that it has chosen Linea for its Type 2 zkEVM technology. ENS simplifies address solutions in Blockchains. Linea’s zkEVM technology will enable ENS’s Namechain to maintain compatibility with Ethereum’s existing smart contracts and tools.

ENS noted that Linea is the first Katma-3668 team to develop a trust-minimised version of ERC-2. It also said it facilitates decentralised cross-chain name resolution for subnames. Linea is backed by Ethereum research and development firm Consensys.

This development is part of an upgrade to the second version of ENS, dubbed ‘ENSv2’, which was introduced earlier this year, moving the primary .eth domain activity to Tier-2 to increase the flexibility and affordability of the service.

With this upgrade, the project will manage domain registrations and renewals through the Layer-2 Namechain. However, name resolution will remain on Ethereum Layer-1. The team says that the Layer-2 implementation of ENS will support higher volumes of registrations. Thus, it expects it to handle increased transaction volume.

Members of the Polygon community rejected an important upfront offer (or pre-PIP). This proposal proposed to deploy over $1 billion worth of stablecoins from its bridge to generate returns.

The offer was made by Web3 venture provider Allez Labs in collaboration with DeFi protocols Morpho and Yearn. It aimed to utilise approximately $1.3 billion of DAI, USDC, and USDT from the PoS Chain bridge. It also aimed to distribute them to selected lending pools.

Community members have expressed concerns about security issues and the lack of a preference mechanism for affected users. This cast doubt on the viability of the proposal. According to Polygon, this proposal is unlikely to move forward due to the community’s reservations about pre-PIP. However, this does not prevent innovative and even bold ideas from being explored in the future.

In response to the initial yield generation proposal, Aave contributor Marc Zeller, founder of Aave Chan, has drafted a proposal to phase out Aave’s lending protocols on the Polygon PoS Blockchain to address potential future security risks.

Yesterday, Polygon developers acknowledged the community’s concerns. Therefore, they decided not to move forward with the proposal. They emphasised the value of the governance process facilitating the exploration of new ideas within the community.

Polygon also responded to Aave Chan’s proposal, describing the reaction from Aave’s leadership as ‘disappointing’. They claimed that Aave Chan had resorted to threats as Morpho, their main competitor, began to gain traction.

Polygon referred to an earlier suggestion by Aave Chan in August to the Polygon community suggesting that bridge funds be allocated to Aave’s return-generating token. As you follow from Kriptokoin.com, he suggested that some of the bridge stablecoins be converted into stataUSDC, a wrapped version of Aave’s aToken for USDC (aUSDC).

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