ENS Labs, the non-profit group accountable for the Ethereum Identify Service (ENS), has proposed the ENSv2 improve, which might ease the protocol’s transition to Layer 2 networks, in keeping with an announcement printed Could 28. currencyjournals.
ENS’ transfer is thrilling for the Ethereum Layer 2 community, which has seen elevated adoption just lately, with the full worth of property locked there reaching an all-time excessive.
ENSv2
In response to ENS, the ENSv2 proposal goals to overtake the protocol utilizing a hierarchical registry to supply higher management and customization of .eth domains.
The improve includes migrating ENS' core performance from the Ethereum Layer 1 to Layer 2 community. This alteration will profit each customers and builders by means of elevated performance and ease of use.
Because of this, ENS customers will take pleasure in elevated scalability, decrease gasoline charges and sooner transaction speeds. Builders will even take pleasure in higher flexibility because of the brand new registry design and different infrastructure enhancements. The improve can be anticipated to allow multi-chain interoperability.
Nevertheless, the protocol didn’t specify which Layer 2 community it will migrate to, however ENS nonetheless offered additional particulars on social media.
“Now we have been monitoring the state of the L2 ecosystem for a very long time, whereas additionally contributing to inside improvements akin to CCIP-Learn and EVM Gateway. We consider now could be the appropriate time to start out migrating components of ENS, akin to .eth identify registrations, to L2.”
The Development of Layer 2 Networks
The whole worth of property locked on the Ethereum Layer 2 community surged to a file excessive of $47.26 billion, up 15% over the previous week, in keeping with information from L2Beat.
Arbitrum leads the best way with $19.3 billion in complete worth locked (TVL), adopted by OP Mainnet with $7.88 billion TVL and Coinbase-backed Base in third place with $6.94 billion. Different blockchains with over $1 billion TVL embrace Blast, Mantle, Linea, and Starknet.
Consultants attribute this milestone to the restored investor confidence within the Ethereum ecosystem and the excessive adoption price of those networks. Moreover, the current ETH worth rally, fueled by the approval of the ETH ETF, has additionally contributed to the rise in TVL.
