ENS Labs, a non-profit group accountable for the Ethereum Title Service (ENS), has proposed an ENSv2 improve that may facilitate the protocol’s migration right into a layer 2 community, in keeping with a Could 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 belongings locked on them attain a brand new all-time excessive.
ENSv2
In response to 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 transformation will profit each customers and builders by bettering performance and value.
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.
Nevertheless, 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 equivalent to CCIP-Learn and the EVM Gateway. We consider that now’s the correct time for us to start shifting components of ENS, equivalent to .eth title registration, to L2.”
Layer2 networks develop
In response to L2Beat data, the overall 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 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 current ETH value will increase, fueled by the approval of the ETH ETF, have additionally contributed to the rise in TVL.