Ethereum Name Service proposes ENSv2 upgrade to tap into booming layer 2 networks

ENS Labs, a non-profit group accountable for the Ethereum Title Service (ENS), has proposed an ENSv2 improve that will ease the protocol’s migration to a Layer 2 community, in line with a Might 28 assertion shared with CryptoSlate.

ENS’s transfer is thrilling for Ethereum Layer-2 networks, which have lately seen better adoption, with the overall worth of belongings locked on them reaching a brand new all-time excessive.

ENSv2

In line with ENS, the ENSv2 proposal goals to revise the protocol with a hierarchical registry to enhance the administration and customization of .eth domains.

This improve includes migrating the core options of ENS from Ethereum Layer 1 to a Layer 2 community. This transformation will profit each customers and builders by enhancing performance and usefulness.

Consequently, ENS customers will get pleasure from better scalability, decrease gasoline prices and quicker transaction speeds. Builders may even achieve extra flexibility with the brand new registry design and different infrastructure enhancements. The improve can be supposed to allow interoperability between a number of chains.

Nonetheless, the protocol failed to call the Layer 2 community it might migrate to. Nonetheless, ENS elaborated on social media:

“We have now been monitoring the state of the L2 ecosystem for a while now, whereas contributing to inside improvements reminiscent of CCIP-Learn and the EVM Gateway. We consider that now’s the appropriate time to maneuver elements of ENS, reminiscent of .eth title registration, to L2.”

Layer2 networks are rising

In line with L2Beat factsthe overall worth of belongings locked on Ethereum Layer 2 networks has risen to a report $47.26 billion, marking a 15% improve over the previous week.

Arbitrum leads the pack with a complete worth (TVL) of $19.3 billion. OP Mainnet follows carefully with $7.88 billion in TVL, whereas Coinbase-backed Base is in third place with $6.94 billion. Different blockchains with TVLs over $1 billion embrace Blast, Mantle, Linea, and Starknet.

Specialists attribute this milestone to buyers’ renewed confidence within the Ethereum ecosystem and the excessive adoption charge of those networks. Moreover, current ETH worth will increase fueled by the adoption of the ETH ETF have additionally contributed to TVL’s rise.

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