ENS Labs, a non-profit group accountable for the Ethereum Title Service (ENS), has proposed an ENSv2 improve that might facilitate the protocol’s migration right into a layer 2 community, in response to a Might 28 assertion shared with CryptoSlate.
ENS’s transfer is thrilling for Ethereum layer-2 networks, which have lately seen elevated adoption, and the full worth of belongings locked on them attain a brand new all-time excessive.
ENSv2
In accordance 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 contains migrating ENS’ core capabilities from Ethereum Layer 1 to a Layer 2 community. This alteration will profit each customers and builders by bettering performance and value.
Consequently, ENS customers will take pleasure in elevated scalability, decrease fuel charges, and quicker transaction speeds. Builders will even acquire extra flexibility with the brand new registry design and different infrastructural enhancements. The improve can be set to allow multi-chain interoperability.
Nonetheless, the protocol failed to call the Layer 2 community to which it will 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 with L2Beat information, the full worth of belongings locked on Ethereum layer 2 networks has surged to a report $47.26 billion, marking a 15% enhance prior 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 embody 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 value will increase, fueled by the approval of the ETH ETF, have additionally contributed to the rise in TVL.
