ENS Labs Proposes ENSv2 Upgrade: Ethereum Name Service to Migrate to Layer 2
CryptoNewsTerminal Staff28 May, 2024
ENS Labs Proposes ENSv2 Upgrade: Ethereum Name Service to Migrate to Layer 2
ENS Labs, the organization behind Ethereum Name Service (ENS), has proposed an upgrade called ENSv2 that would migrate its core functionality to a Layer 2 network. By moving to Layer 2, ENSv2 aims to enhance scalability and reduce gas costs for ENS users. Layer 2 networks offer faster transaction processing and lower fees compared to the Ethereum mainnet. The migration to Layer 2 will involve the ENS registry, resolver, and related smart contracts. ENSv2 is still in the proposal stage, and further details on its implementation timeline and specific Layer 2 solution are expected in the future. This upgrade is significant as ENS is a widely used service for associating human-readable names with Ethereum addresses and other blockchain-related identifiers, facilitating a more user-friendly experience. By migrating to Layer 2, ENS can cater to a wider range of users and applications, fostering further growth and adoption of the Ethereum ecosystem.
