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HomeNewsENS Expands to Layer 2: Enhanced Features and Lower Fees

ENS Expands to Layer 2: Enhanced Features and Lower Fees

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  • ENS Labs is migrating ENS main functionality to Layer 2 to improve scalability and save on gas expenses.
  • ENSv2 will provide lower gas fees, increased control, and improved multi-chain interoperability for.eth domain names.

An important change is about to happen to the Ethereum Name Service (ENS), as ENS Labs suggests growing to Layer 2 (L2) solutions.

With the goal of improving scalability and lowering gas fees, “ENSv2” seeks to present ENS as a more affordable and approachable option for the Web3 community. The forthcoming changes and their ramifications are examined in full here.

Reimagining ENS: From Core Principles to ENSv2

Reimagining the ENS core architecture from the bottom up is a ground-breaking move by ENS Labs. In addition to migrating the ENS protocol’s core elements to L2, this endeavor also reexamines the design’s guiding principles.

By doing this, ENS aims to further decentralize and welcome new use cases, integrations, and opportunities that the Ethereum mainnet previously restricted.

From its founding in 2017, ENS has developed into a crucial part of the internet’s architecture from a straightforward onchain naming tool. With millions of registered .eth names and thousands of connections to wallets, dapps, TLDs, and browsers, ENS has become an essential link between Web3.

Integrations with trailblazers including Coinbase, GoDaddy, Uniswap, Farcaster, and X.box have shown off its strength and adaptability.

The Advantages of Layer 2 Migration

Faster transaction times and much cheaper gas are features of Layer 2 systems. Naturally, as these L2 technologies develop, more effective platforms attract users and applications. Internal developments from ENS Labs, such the EVM Gateway and CCIP-Read, have put ENS in the vanguard of this technical revolution.

The Ethereum Name Service will drastically lower gas costs and make managing .eth names more affordable by moving registrations and renewals to a Layer 2 network. This update improves the user experience generally by making it quicker and more reasonably priced.

Each .eth name will have a personal register under the hierarchical registry structure that ENSv2 will bring. More ownership and management of names are given to users via this approach, which increases customisation and flexibility.

It will also flow more naturally between different blockchains thanks to ENS on Layer 2. A CCIP-Read Gateway and a compliant resolver working together will improve the interoperability of the Ethereum Name Service by enabling trustless connections across networks.

Market Performance and Future Prospects

CoinMarketCap data indicates that the price of ENS coins is now at $25.99, up 3.97% from the last 24 hours. Comparably, the value of Ether (ETH) is about $3,864.50, up 0.62% in the same time frame and showing a bullish trend of 3.00% over the previous week.

On the other hand, Nate Geraci of ETHNews recently brought up the prospect that the SEC would approve a spot Ethereum ETF in the next few weeks, or maybe two to three months.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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