ENS Labs proposes migrating the service to a second-level network to improve scalability and costs.
Ethereum Name Service (ENS), the protocol for creating decentralized domains on the Ethereum blockchain, may soon migrate to a layer-2. A move supported by ENS Labs, the non-profit organization behind the development of the platform, it aims to address the scalability and cost limitations that currently hinder widespread adoption of the service.
The advantages of layer-2
- Improved scalability, thanks to faster transactions and lower costs;
- reduced costs of gas tariffs, notoriously high on Ethereum, which would undergo a significant decrease;
new features: Migration to layer-2 opens the door to new features and integrations, such as a more efficient domain management system and improved multi-chain interoperability.
A multichain future for ENS
Integration with other blockchain ecosystems is one of the main goals of the move to layer-2. This would allow users to use their ENS domains across different platforms, facilitating the adoption of the decentralized web
Timelines and roadmap
At the moment there are no precise dates for the migration, as the proposal was recently presented to the community and its future will depend on the members' vote. If approved, it is hoped that the migration will take place during 2025.
In addition to ENS, other protocols are also exploring the potential of layer-2. Among these, Aave, the well-known money market and Etherfi, a retaking platform, are evaluating the launch of their own layer-2 networks.
In particular, Aave is expected to complete the upgrade for the transition to Aave V4 with the platform aiming to introduce a unified multichain liquidity layer becoming in all respects much more efficient. Once this update has been successfully completed, Aave could launch its own layer-2 network, expanding its DeFi ecosystem towards new horizons.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Open your BBVA account and card at €0 forever and get €10, 4% cashback on purchases and 4% interest on deposited funds. Use my code:
Apri il conto e carta BBVA a 0€ per sempre e ottieni 10€, 4% di cashback sugli acquisti e 4% di interessi sui fondi depositati. Usa il mio codice:
https://www.bbva.it/general/apri-il-conto.html
77660060118763
Sign up to Nexo and get $5 in Bitcoin,16% APY on your stablecoins and 2% cashback on Nexo Card by depositing and holding at least $100 for 90 days
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
