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ENS Labs, a nonprofit organization responsible for the ethereum Name Service (ENS), proposed an ENSv2 update that would make it easier to migrate the protocol to a Layer 2 network, according to a May 28 statement shared with cryptoslate.
ENS' move is exciting for ethereum's Layer 2 networks, which have recently seen increased adoption, with the total value of assets locked on them reaching a new all-time high.
ENSv2
According to ENS, the ENSv2 proposal aims to revise the protocol with a hierarchical registry to improve the management and customization of .eth domain names.
This update includes the migration of core ENS functions from ethereum Layer 1 to a Layer 2 network. This change will benefit both users and developers by improving functionality and usability.
Consequently, ENS users will enjoy greater scalability, lower gas fees, and faster transaction speeds. Developers will also gain more flexibility with the new logging design and other infrastructure improvements. The update is also set to enable multi-chain interoperability.
However, the protocol was unable to name the Layer 2 network it would migrate to. However, ENS x.com/ensdomains/status/1795440287336329691″>Elaborated on social networks:
“We have been monitoring the state of the L2 ecosystem for a long time and at the same time contributing to internal innovations such as CCIP-Read and EVM Gateway. “We believe now is the right time to start moving parts of ENS, such as the .eth name registry, to L2.”
Layer2 networks grow
According to L2Beat dataThe total value of assets locked on ethereum Layer 2 networks rose to a record $47.26 billion, representing a 15% increase over the past week.
Arbitrum leads the pack with a total value locked (TVL) of $19.3 billion. OP Mainnet is close behind with $7.88 billion in TVL, while Coinbase-backed Base is in third place with $6.94 billion. Other blockchains with TVLs exceeding $1 billion include Blast, Mantle, Linea, and Starknet.
Experts attribute this milestone to renewed investor confidence in the ethereum ecosystem and high adoption rates of these networks. Furthermore, the recent eth price increases, driven by the approval of the eth ETF, have also contributed to the rise in TVL.
