ENS Labs has proposed extending the Ethereum Name Service (ENS) to Layer 2 (L2).
ENS Labs stated that the ENSv2 upgrade aims to reduce gas fees and improve service scalability for the project, The Block reported.
If the offer is accepted, users will benefit from discounted transaction fees.
Nick Johnson, Principal Developer and Founder of ENS Labs, said:
“ENSv2 will introduce a hierarchical registry for .eth name management. Name owners will have access to a unique name registry from which they can manage subdomains and configure resolvers.
“The ENSv2 upgrade can expand the utility and reach of ENS across different blockchain ecosystems by improving multi-chain interoperability.”
While the ENS price was on the rise, it dropped to $28.2.
*This is not investment advice.