ENS Labs, a non-profit group chargeable for the Ethereum Identify Service (ENS), has proposed an ENSv2 improve that might facilitate the protocol’s migration right into a layer 2 community, in keeping with a Might 28 assertion shared with crypto-news.
ENS’s transfer is thrilling for Ethereum layer-2 networks, which have just lately seen elevated adoption, and the full 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 variation will profit each customers and builders by bettering performance and value.
Consequently, ENS customers will get pleasure from elevated scalability, decrease fuel charges, and quicker transaction speeds. Builders can even acquire extra flexibility with the brand new registry design and different infrastructural enhancements. The improve can also be set to allow multi-chain interoperability.
Nonetheless, the protocol failed to call the Layer 2 community to which it could migrate. Nonetheless, ENS elaborated on social media:
“We’ve lengthy been monitoring the state of the L2 ecosystem whereas additionally contributing with inside improvements similar to CCIP-Learn and the EVM Gateway. We consider that now’s the fitting time for us to start shifting elements of ENS, similar to .eth title registration, to L2.”
Layer2 networks develop
In line with L2Beat information, the full worth of property locked on Ethereum layer 2 networks has surged to a document $47.26 billion, marking a 15% enhance previously 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.
Specialists attribute this milestone to renewed investor confidence in Ethereum’s ecosystem and the excessive adoption charges of those networks. Moreover, the current ETH value will increase, fueled by the approval of the ETH ETF, have additionally contributed to the rise in TVL.
