đBig news, BTC enthusiasts! ENS Labs has proposed a major upgrade to the Ethereum Name Service (ENS), aiming to expand it to layer-2 scaling protocols in a move dubbed "ENSv2"! đ
This isn't just a simple migration, folks! ENS Labs is leveraging seven years of experience at the cutting edge of Web3 to completely reimagine the architecture from scratch. đïž
ENS has millions of .eth names registered and thousands of integrations, including dapps, wallets, top-level domains, and browsers. By expanding to layer-2s, ENS will become more accessible and cheaper for a wider range of users. đ
The main goals? Making ENS more decentralized, enabling new use cases and integrations, and overcoming constraints of the Ethereum mainnet. Plus, moving to layer-2 offers some major perks, like lower gas fees for registering and renewing .eth names, more control and customization, and improved multi-chain interoperability. đŻ
ENS Labs will be requesting a budget increase of 4 million USDC from the ENS DAO to cover development and deployment costs. The proposal is currently up for discussion before it goes to a governance vote. đłïž
Despite the exciting news, the ENS native token didn't react much and was trading flat at around $26. It's almost doubled in price over the past two weeks, but it's still down 69% from its peak of $80 in November 2021. đ
Stay tuned, BTC lovers! This could be a game-changer for ENS and the wider Web3 landscape! đđ