ENS Labs proposes that the Ethereum Name Service (ENS) be expanded to Layer 2 (L2), and the entire exercise be referred to as ENSv2 from this point forward.
The company is not only transferring the fundamental components of the ENS protocol, but they are also transferring their extensive expertise to Web3 and conducting a comprehensive restructuring exercise.
Through a reassessment of the prime segments pertaining to ENS, the company is transforming the protocol into being decentralized and simultaneously adopting fresh use cases, along with incorporations and probabilities that were previously restricted by the constraints of the Ethereum mainnet.
From the time of its introduction in 2017, ENS has transformed from being only an on-chain naming tool, to become a crucial segment related to the internet’s infrastructure. It has seamlessly connected users as a vital bridge to web3, with millions of.eth names registered and thousands of integrations, including wallets, dapps, TLDs, and browsers. The integrations with pioneers such as Coinbase, GoDaddy, Farcaster, Uniswap, and box have fully demonstrated the strength and flexibility of ENS.
Advertisement
Ethereum’s growth closely aligns with the advancements in its underlying technologies. The creation of L2 services for network improvement primarily aims to speed up transactions while lowering gas prices. The potential of the L2s has shifted users’ attention to the more effective platforms, such as CCIP-Read and EVM Gateway. In relation to the transformation, ENS has performed the role of a leader.
As of today, ENS Labs is enthusiastic about its proposal to transition a portion of the fundamental ENS functionalities from the Ethereum mainnet to an L2 network. The use of L2s will increase connectivity with ENS for a variety of purposes. Along with its members, the company is deeply involved in studying various options for addressing ENS requirements.
In the case of ENSv2, A significant decrease in gas expenses will result from moving.eth registrations and renewals to a Layer 2 network. This update not only speeds up ENS but also makes it economical.
Additionally, it will enable better control and customization. The company’s experience with the Name Wrapper, a new ENS contract, led them to the conclusion that a hierarchical registry system would grant ENSv2 greater flexibility.
Advertisement
Additionally, ENSv2 enhances multi-chain interoperability. In other words, the.eth names will be more seamlessly integrated across a variety of blockchains with the implementation of ENS on Layer 2.
