ENS Labs, a non-profit group liable for the Ethereum Identify Service (ENS), has proposed an ENSv2 improve that may facilitate the protocol’s migration right into a layer 2 community, in accordance with 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 whole 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 contains migrating ENS’ core capabilities from Ethereum Layer 1 to a Layer 2 community. This modification will profit each customers and builders by enhancing performance and usefulness.
Consequently, ENS customers will take pleasure in elevated scalability, decrease gasoline charges, and sooner transaction speeds. Builders will even achieve 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 might migrate. Nonetheless, ENS elaborated on social media:
“We’ve lengthy been monitoring the state of the L2 ecosystem whereas additionally contributing with inside improvements reminiscent of CCIP-Learn and the EVM Gateway. We consider that now’s the precise time for us to start shifting components of ENS, reminiscent of .eth identify registration, to L2.”
Layer2 networks develop
In line with L2Beat information, the whole worth of property locked on Ethereum layer 2 networks has surged to a document $47.26 billion, marking a 15% improve 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.
Specialists 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.
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