ENS Labs, the Singapore-based non-profit organization that oversees the Ethereum Name Service (ENS), has announced a proposal to expand ENS to a Layer 2 network through the introduction of ENSv2.
According to ENS Labs, ENSv2 – which has been developed in collaboration with the ENS community – will lead to lower gas fees and faster transaction speeds for .eth name management, a “hierarchial registry system” for enhanced customization and control, and improved multi-chain operability.
The proposal has been put forward to the ENS DAO, with ENS Labs asking for an additional 4 million USDC per year to hire additional developers and cover infrastructure costs associated with ENSv2.
Introducing ENSv2: The Next Generation of ENS ๐๐๐
ENS Labs is excited to announce our proposal to extend the ENS protocol to a Layer 2 network. This move isn’t just about migrating parts of the protocol; we’re re-envisioning the architecture from the ground up! pic.twitter.com/3xM6owTpKk
โ ens.eth (@ensdomains) May 28, 2024
An efficient future for ENS
ENS has become a fundamental part of web3 infrastructure since its launch in 2017, with well over 3 million names registered to date and swathes of integration across a variety of dApps, wallets, and browsers.
The ENSv2 proposal includes a significant redesign of the protocolโs architecture to protect the service’s future, alongside building support for wider range of use cases and integrations that has been stymied by Ethereum’s mainnet constraints.
The announcement of the ENSv2 proposal comes as the Ethereum ecosystem – alongside the wider web3 industry – experiences renewed growth, buoyed by the Ethereum ETF approval, the lasting memecoin revival, and Layer 2 solutions growing their product offering, particularly in gaming and entertainment.
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