ENS Labs, a non-profit group chargeable 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 accordance with 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 whole 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 features from Ethereum Layer 1 to a Layer 2 community. This transformation will profit each customers and builders by bettering performance and usefulness.
Consequently, ENS customers will get pleasure from elevated scalability, decrease fuel charges, and sooner 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 lengthy been monitoring the state of the L2 ecosystem whereas additionally contributing with inner improvements akin to CCIP-Learn and the EVM Gateway. We imagine that now could be the correct time for us to start transferring components of ENS, akin to .eth identify registration, to L2.”
Layer2 networks develop
In accordance with L2Beat knowledge, the whole worth of belongings locked on Ethereum layer 2 networks has surged to a report $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 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 value will increase, fueled by the approval of the ETH ETF, have additionally contributed to the rise in TVL.
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