ENS Labs is a nonprofit organization that develops and maintains the Ethereum Name Service (ENS), has proposed an ENSv2 upgrade A May 28th statement was shared by CryptoSlate.
The ENS move will be exciting for Ethereum layer-2 networks, Recent years have seen a rise in the adoption of and total assets locked onto them has reached a new high.
ENSv2
According to ENS’s proposal, ENSv2 aims at overhauling the protocol by introducing a hierarchical registrar to improve the management and customisation of.eth names.
You can also find out more about this by clicking here. upgrade The migration of ENS functions from Ethereum Layer I to a Layer 2 is part of the ENS upgrade. The change is beneficial to both developers and users, improving usability and functionality.
ENS users can expect to enjoy greater scalability and lower fees for gas, as well as faster transaction times. With the improved registry, developers will have more freedom to create. The Registry is a new design that will allow developers to have more freedom with the infrastructure. upgrade It is set to also enable interoperability between multiple chains.
The protocol, however, did not name the Layer-2 network that it would migrate to. ENS elaborated Social media is a great way to connect with people.
“We’ve long been monitoring the state of the L2 ecosystem while also contributing with internal innovations such as CCIP-Read and the EVM Gateway. We believe that now is the right time for us to begin moving parts of ENS, such as .eth name registration, to L2.”
The Layer2 network grows
L2Beat dataThe value of all assets that are locked up Ethereum The layer 2 network market has risen to $47.26 Billion, a new record. This represents a 15 % increase over the last week.
Arbitrum is the leader with $19.3 Billion in total value locked. OP Mainnet, backed by Coinbase, is second with TVLs of $7.88billion. Blast and Mantle are other blockchains which have TVLs of more than $1 billion.
This milestone is attributed by experts to the renewed investor confidence in Ethereum’s ecosystem The high adoption rate of these networks. TVL’s rise is also attributed to the recent ETH increases, triggered by the approval for the ETH ETF.
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Source: cryptoslate.com