ENS Labs, a non-profit group liable for the Ethereum Identify Service (ENS), has proposed an ENSv2 improve that will facilitate the protocol’s migration right into a layer 2 community, in line with a Could 28 assertion shared with CryptoSlate.
ENS’s transfer is thrilling for Ethereum layer-2 networks, which have just lately seen elevated adoption, and the entire worth of property locked on them attain a brand new all-time excessive.
ENSv2
In line with ENS, the ENSv2 proposal goals to overtake the protocol with a hierarchical registry to boost the administration and customization of .eth domains.
This improve consists of migrating ENS’ core capabilities 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 take pleasure in elevated scalability, decrease fuel charges, and sooner transaction speeds. Builders can even achieve extra flexibility with the brand new registry design and different infrastructural enhancements. The improve can be set to allow multi-chain interoperability.
Nevertheless, the protocol failed to call the Layer 2 community to which it could 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 line with L2Beat knowledge, the entire worth of property locked on Ethereum layer 2 networks has surged to a document $47.26 billion, marking a 15% enhance up to now week.
Arbitrum leads the pack with a complete worth locked (TVL) of $19.3 billion. Following intently 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.
