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ENS Labs, a non-profit group accountable 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 accordance with a Could 28 assertion shared with starcrypto.
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 line with ENS, the ENSv2 proposal goals to overtake the protocol with a hierarchical registry to reinforce 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 transformation will profit each customers and builders by bettering performance and value.
Consequently, ENS customers will get pleasure from elevated scalability, decrease gasoline charges, and quicker transaction speeds. Builders may also 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 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 equivalent to CCIP-Learn and the EVM Gateway. We imagine that now could be the appropriate time for us to start transferring components of ENS, equivalent to .eth identify registration, to L2.”
Layer2 networks develop
In line with L2Beat information, the whole worth of belongings locked on Ethereum layer 2 networks has surged to a report $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 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 embrace 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.