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The Ethereum Identify Service is proposing an ENSv2 improve to succeed in rising Layer 2 networks

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ENS Labs, the non-profit group accountable for the Ethereum Identify Service (ENS), has proposed an improve to ENSv2 that may facilitate the migration of the protocol to the Layer 2 community, in keeping with a Might 28 assertion shared with fromcrypto.

ENS's transfer is thrilling for Ethereum's Layer 2 networks, which have just lately seen elevated adoption and the full worth of belongings locked on them has reached a brand new all-time excessive.

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ENSv2

In response to ENS, the objective of the ENSv2 proposal is to revamp the protocol with a hierarchical registry to enhance the administration and customization of .eth domains.

This improve contains the migration of core ENS performance from Ethereum Layer 1 to Layer 2 of the community. This variation will profit each customers and builders because it improves performance and value.

Consequently, ENS customers will take pleasure in elevated scalability, decrease gasoline charges and sooner transaction speeds. Builders can even acquire extra flexibility due to a brand new registry design and different infrastructure enhancements. The improve can be set to allow multi-chain interoperability.

Nevertheless, the protocol failed to call the Layer 2 community emigrate to. Nevertheless, ENS elaborated on social networks:

“We’ve been monitoring the state of the L2 ecosystem for a very long time whereas contributing inside improvements equivalent to CCIP-Learn and EVM Gateway. We imagine now could be the correct time to start out transferring components of ENS, such because the .eth identify registration, to L2.”

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Layer 2 networks are rising

In response to knowledge from L2Beat, the full worth of belongings locked within the Ethereum Layer 2 networks has risen to a file $47.26 billion, a 15% enhance over the previous week.

Arbitrum leads the pack with a complete worth locked (TVL) of $19.3 billion. OP Mainnet follows intently behind with $7.88 billion in TVL, whereas Coinbase-backed Base is third with $6.94 billion. Different blockchains with TVLs exceeding $1 billion embrace Blast, Mantle, Linea, and Starknet.

Specialists attribute this milestone to the renewed confidence of buyers within the Ethereum ecosystem and the excessive adoption fee of those networks. As well as, the current enhance in ETH costs, supported by the approval of the ETH ETF, additionally contributed to the rise in TVL.

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