Ethereum
ENS Labs offers Layer 2 extension for Ethereum Name Service
On May 28, ENS Labs proposed that the Ethereum Name Service extend to Layer 2 scaling protocols in an effort called “ENSv2.”
“We are not just migrating core parts of the ENS protocol,” the team said in a blog post before adding that they are building on the knowledge gained over the past seven years at the frontier of Web3, with the aim of “re-envisioning the architecture from a Web3 perspective”. crushed.
Faster and Cheaper Ethereum Domains
Ethereum Name Services has millions of registered .eth names and thousands of integrationsincluding dapps, wallets, top-level domains and browsers, the team said.
By expanding to layers 2, ENS will become more accessible and cheaper to use for a wider range of users. However, ENS Labs has not yet selected a specific Layer 2 network for migration.
The main objectives of the expansion, which was reflected in July 2023aim to make ENS more decentralized, enable new use cases and integrations, and overcome the constraints of the Ethereum mainnet.
Additionally, moving to Layer 2 provides major benefits including reduced gas fees for registering and renewing .eth names, more control and customization through a hierarchical registry system, and multi-channel interoperability. Improved string by connecting .eth names across networks.
“The release of EIP-4844 made Ethereum-based Layer 2 networks much more affordable and scalable, which was a driving factor in the ENS proposal,” said Eskender Abebe, head of product and management. strategy at ENS Labs.
ENS Labs will present an executable proposal to request an annual budget increase of 4 million USDC to the ENS DAO to hire additional developers and cover infrastructure costs related to development and deployment. The proposal was put forward for discussion on the ENS DAO before it is put to a governance vote.
The Layer 2 ecosystem recently reached a total value locked, all-time high of $47.7 billion, coinciding with the ETH price surge, according to at L2beat.
ENS Price Outlook
THE Ethereum Name Service The native token did not react to the announcement and was trading flat on the day at around $26 at the time of writing.
The price of ENS has almost doubled in the last fortnight; however, it rose from around $14 in mid-May to a three-month high of just under $28 earlier this week.
ENS climbed to $80 when it was distributed to domain holders in November 2021, but remains down 69% from that high.