🎉Big 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"! 🚀

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. 🏗️

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. 🌐

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. 🎯

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. 🗳️

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. 📉

Stay tuned, BTC lovers! This could be a game-changer for ENS and the wider Web3 landscape! 🌐🚀