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ENS Labs, a non-profit group liable for the Ethereum Name Service (ENS), has proposed an ENSv2 upgrade that might facilitate the protocol’s migration into a layer 2 community, in accordance to a Might 28 assertion shared with CryptoSlate.
ENS’s transfer is thrilling for Ethereum layer-2 networks, which have not too long ago seen elevated adoption, and the entire worth of property locked on them attain a brand new all-time excessive.
ENSv2
In accordance to ENS, the ENSv2 proposal goals to overhaul the protocol with a hierarchical registry to improve the administration and customization of .eth domains.
This upgrade consists of migrating ENS’ core features from Ethereum Layer 1 to a Layer 2 community. This transformation will profit each customers and builders by bettering performance and usefulness.
Consequently, ENS customers will get pleasure from elevated scalability, decrease gasoline charges, and sooner transaction speeds. Builders may also achieve extra flexibility with the brand new registry design and different infrastructural enhancements. The upgrade can be set to allow multi-chain interoperability.
Nonetheless, the protocol failed to identify the Layer 2 community to which it might migrate. Nonetheless, ENS elaborated on social media:
“We’ve long been monitoring the state of the L2 ecosystem while also contributing with internal innovations such as CCIP-Read and the EVM Gateway. We believe that now is the right time for us to begin moving parts of ENS, such as .eth name registration, to L2.”
Layer2 networks develop
In accordance to L2Beat data, the entire worth of property locked on Ethereum layer 2 networks has surged to a file $47.26 billion, marking a 15% improve up to now week.
Arbitrum leads the pack with a complete worth locked (TVL) of $19.3 billion. Following carefully is OP Mainnet with $7.88 billion in TVL, whereas Coinbase-backed Base ranks third with $6.94 billion. Different blockchains with TVLs exceeding $1 billion embrace Blast, Mantle, Linea, and Starknet.
Consultants attribute this milestone to renewed investor confidence in Ethereum’s ecosystem and the excessive adoption charges of those networks. Moreover, the current ETH worth will increase, fueled by the approval of the ETH ETF, have additionally contributed to the rise in TVL.
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