4 months ago
ENS Labs, a non-profit enactment liable for the Ethereum Name Service (ENS), has projected an ENSv2 upgrade that would facilitate the protocol’s migration into a furniture 2 network, according to a May 28 connection shared with CryptoSlate.
ENS’s determination is breathtaking for Ethereum layer-2 networks, which person precocious seen accrued adoption, and the full worth of assets locked connected them scope a caller all-time high.
ENSv2
According to ENS, the ENSv2 connection aims to overhaul the protocol with a hierarchical registry to heighten the absorption and customization of .eth domain names.
This upgrade includes migrating ENS’ halfway functions from Ethereum Layer 1 to a Layer 2 network. This alteration volition payment some users and developers by improving functionality and usability.
Consequently, ENS users volition bask accrued scalability, little state fees, and faster transaction speeds. Developers volition besides summation much flexibility with the caller registry plan and different infrastructural enhancements. The upgrade is besides acceptable to alteration multi-chain interoperability.
However, the protocol failed to sanction the Layer 2 web to which it would migrate. Nonetheless, ENS elaborated connected societal media:
“We’ve agelong been monitoring the authorities of the L2 ecosystem portion besides contributing with interior innovations specified arsenic CCIP-Read and the EVM Gateway. We judge that present is the close clip for america to statesman moving parts of ENS, specified arsenic .eth sanction registration, to L2.”
Layer2 networks grow
According to L2Beat data, the full worth of assets locked connected Ethereum furniture 2 networks has surged to a grounds $47.26 billion, marking a 15% summation successful the past week.
Arbitrum leads the battalion with a full worth locked (TVL) of $19.3 billion. Following intimately is OP Mainnet with $7.88 cardinal successful TVL, portion Coinbase-backed Base ranks 3rd with $6.94 billion. Other blockchains with TVLs exceeding $1 cardinal see Blast, Mantle, Linea, and Starknet.
Experts property this milestone to renewed investor assurance successful Ethereum’s ecosystem and the precocious adoption rates of these networks. Additionally, the caller ETH terms increases, fueled by the support of the ETH ETF, person besides contributed to the emergence successful TVL.
The station Ethereum Name Service proposes ENSv2 upgrade to pat into booming furniture 2 networks appeared archetypal connected CryptoSlate.
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