tl;dr
ENS Labs, the team behind Ethereum Name Service (ENS), has announced a major upgrade to ENSv2, aiming to enhance scalability and reduce transaction costs by migrating to a Layer-2 network. The upgrade introduces a hierarchical registry system for managing .eth domain names, allowing for subdomain ma...
ENSv2 Upgrade: Enhancing Scalability and Reducing Transaction Costs
ENS Labs has unveiled a major upgrade to ENSv2, with the key objectives of increasing scalability and reducing transaction costs by migrating to a Layer-2 network. This pivotal move accompanies the introduction of a hierarchical registry system for managing .eth domain names, promising efficient resolver configuration and subdomain management.
Evaluating Layer-2 Networks
ENS Labs is meticulously evaluating potential Layer-2 networks based on essential requirements and criteria, including EVM compatibility, censorship resistance, decentralization, open-source availability, finality and state updates, security, scalability, developer experience, adoption, and customization. Matter Labs' ZK Stack stands out as a potential option in this comprehensive assessment.
Phased Migration and Additional Funding
The migration to Layer-2 will occur in phases to minimize disruption, empowering users with the flexibility to transfer their names between Layer-2 and the Ethereum mainnet. To facilitate the development of ENSv2, ENS Labs seeks additional funding from the ENS DAO, requesting an annual budget increase of 4 million USDC.
Potential Market Position Improvement
The announcement of the ENSv2 upgrade has driven a 2.2% increase in the ENS token price, reflecting the potential improvement in the Ethereum Name Service market position due to the Layer-2 migration. This transition holds the promise of substantially enhancing developers' flexibility and offering users improved performance coupled with reduced costs.
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Industry
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Sector
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Price/Earnings Ratio
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Dividend Yield
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Beta
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52-Week High
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Return on Assets
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Subindustry: In Vitro & In Vivo Diagnostic Substances
Financial Data
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Dividend Yield: None
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Beta: 0.501
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Avg. Volume: 17.86
Revenue: $6.36
Net Income: $0.083
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Industry: TRADE & SERVICES
Sector: WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES
NAICS Code: 4303020000
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