ENS Labs Proposes ENSv2 Upgrade for Ethereum Name Service Migration to Layer 2 Network
ENS Labs, a non-profit organization responsible for the Ethereum Name Service (ENS), has put forward a proposal for an ENSv2 upgrade that would facilitate the protocol’s migration into a layer 2 network. This move comes as exciting news for Ethereum layer-2 networks, which have been experiencing increased adoption and a surge in the total value of assets locked on them.
ENSv2 Upgrade Enhancements
The ENSv2 proposal by ENS aims to revamp the protocol with a hierarchical registry to enhance the management and customization of .eth domain names. One of the key changes includes migrating ENS’ core functions from Ethereum Layer 1 to a Layer 2 network. This transition is expected to bring benefits such as increased scalability, lower gas fees, faster transaction speeds, and improved functionality and usability for both users and developers. The upgrade will also provide developers with more flexibility through the new registry design and other infrastructural enhancements, as well as enable multi-chain interoperability.
Layer 2 Networks on the Rise
According to L2Beat data, the total value of assets locked on Ethereum layer 2 networks has reached a record $47.26 billion, marking a 15% increase in the past week. Leading the pack is Arbitrum with a total value locked (TVL) of $19.3 billion, followed by OP Mainnet with $7.88 billion and Coinbase-backed Base 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 Ethereum’s ecosystem, high adoption rates of layer 2 networks, and recent ETH price increases driven by the approval of the ETH ETF.
While ENS has not disclosed the specific Layer 2 network to which it plans to migrate, the organization has expressed its readiness to begin moving parts of ENS, such as .eth name registration, to Layer 2. With these developments, the Ethereum Name Service is poised to further enhance its offerings and contribute to the growth of the Ethereum ecosystem.
