ENS Labs, a non-profit group answerable for the Ethereum Title Service (ENS), has proposed an ENSv2 improve that will 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 not too long ago seen elevated adoption, and the overall worth of property locked on them attain a brand new all-time excessive.
ENSv2
Based on 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 features 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 take pleasure in elevated scalability, decrease fuel charges, and sooner transaction speeds. Builders may also achieve 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 will migrate. Nonetheless, ENS elaborated on social media:
“We’ve lengthy been monitoring the state of the L2 ecosystem whereas additionally contributing with inside improvements akin to CCIP-Learn and the EVM Gateway. We consider that now’s the best time for us to start transferring elements of ENS, akin to .eth identify registration, to L2.”
Layer2 networks develop
Based on L2Beat information, the overall worth of property locked on Ethereum layer 2 networks has surged to a file $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 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 latest ETH worth will increase, fueled by the approval of the ETH ETF, have additionally contributed to the rise in TVL.
