Lainey is a modern diminutive of Elaine which in turn is the Welsh form of Helen, originating from the Greek HÄ“lÄ“nÄ“. ... There are two possible etymologies for this Greek name. One, it's a form of “hÄ“lios†which is the Greek word for “sun†so Helen is thought to mean “ray of light†or “sunbeamâ€.