Ethereum Name Service (ENS) announced a proposal on Tuesday to extend the protocol to Layer 2 networks.
ENSv2 will see .eth username registration moveto Layer 2 due to high transaction speed and lower fees. Ethereum username protocol joins list of protocols switching to Layer 2 networks. ENS price is up over 3% since the announcement. Ethereum Name Service announced a proposal on Tuesday to extend the protocol to Layer 2 networks. According to the announcement, the aim is to re-envision the protocol architecture, boost speed and facilitate low-cost transactions.
We believe that now is the right time for us to begin moving parts of ENS, such as .eth name registration, to L2, said ENS Labs in an X post. Read more:Alleged Caitlyn JENNER token sparks debate following claims of account hack According to an ENS blog post, the proposal, named ENSv2, aims not just to add transactional speed and low gas fees but also to revamp the entire system, ranging from enhanced customization and control to improved multi-chain interoperability.
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