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Ongoing ENS discussion: ENS is doing a price raise "temp check", but it's basically just a statement that they will implement a +140% price raise on 5L domains 💀 This is pretty hilarious. They started developing the Namechain (which was later abandoned) because the $5 median price for gas "wasn't affordable" a year ago - and that warranted building a whole new chain to make it more affordable. But then the gas prices on mainnet dropped and they decided that the "(((ETHEREUM))) Name Service" shall remain on Ethereum. The issue is that they apparently burned so much money on the Namechain fiasco that they're now doing a +$7 raise on 5L extensions. That's a 140% increase from the current $5 extension cost. But you know, affordability was an issue of the past - now it's okay because the $7 is going into their pockets instead of being spent on gas. They're also planning incentives for long term extensions, aka 50% discount on 10 year extensions. The reason for that is getting users to pay more money upfront, instead of having it trickle down over time. (More than half - 52.5% - of wallet addresses with 5-9 names register for less than a year.) The whole “temp check proposal", which is basically an announcement, screams of greed. Not only the price raise itself, but also the discount mechanism incentivizing multi-year payments upfront. $5 in gas costs led to them trying to build a whole L2 so that ENS could be more affordable. But the $7 extra (+140%) in extension costs going into ENS pockets is suddenly okay 😹 I guess Namechain ate up a large chunk of funds, so now they have to get greedy with a 140% price bump. lol, lmao even