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ENS Looks to L2s
The Ethereum Name Service wants to migrate to an L2 – or build its own.
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Ethereum Name Service (ENS) proposed migrating the service to a Layer 2 network, or even creating its own, to reduce gas fees and enhance service scalability.
What's the scoop?
- Technical Details: While ENS Labs credits EIP-4844, making Layer 2 networks more affordable via blob transactions, as its motivation for the ENSv2, it has yet to select the specific Layer 2 network for the migration. The upgrade may also improve multi-chain interoperability, allowing ENS to extend its utility across different ecosystems.
- User Benefits: If ENSv2 passes, users will benefit from reduced transaction fees and a new “hierarchical registry system” for managing their .eth domain names, subdomains, and configuring resolvers.
Bankless Take:
Given the popularity and success of ENS as a non-financial app for Ethereum, migrating to L2 makes a lot of sense — offering them an arena to significantly expand through. Further, given the prominence of ENS, it is not hard to imagine L2s fighting over the service moving to their chain if ENS shies away from their own solution.