ENS Labs has proposed a monumental expansion of the Ethereum Name Service (ENS) to layer-2 networks, poised to revolutionize the crypto domain service. Dubbed "ENSv2," this ambitious project aims to revamp the ENS protocol, leveraging seven years of Web3 expertise to create a more decentralized, scalable, and user-friendly platform. With millions of .eth names registered and thousands of integrations, ENS is set to become even more accessible and affordable for a broader user base.

The expansion, initially considered in July 2023, seeks to overcome Ethereum mainnet limitations, enable new use cases, and enhance multi-chain interoperability. By migrating to layer-2, ENS will enjoy lower gas fees, a hierarchical registry system, and seamless .eth name connections across networks. This bold move has the potential to reshape the future of ENS and the crypto landscape.

ENS Labs will submit a proposal to the ENS DAO for a budget increase to support development and deployment. The layer-2 ecosystem has reached an all-time high of $47.7 billion, and despite ENS's recent price surge, it remains down 69% from its November 2021 peak. However, the ENS token, currently trading at around $26, has almost doubled in value over the past fortnight, with a significant surge from $14 in mid-May to a three-month high of nearly $28 earlier this week.

As the proposal moves forward, the crypto community eagerly awaits the outcome, anticipating a new era of growth and innovation for ENS. The expansion to layer-2 networks is expected to bring numerous benefits, including:

- Lower gas fees, making it more affordable for users to register and manage .eth names

- A hierarchical registry system, allowing for more efficient and organized name management

- Seamless .eth name connections across networks, enhancing multi-chain interoperability

- Increased scalability, enabling more users to join the ENS ecosystem

- Improved user experience, with a more intuitive and user-friendly interface

The ENSv2 project is a testament to the innovative spirit of the Web3 community, pushing the boundaries of what is possible in the crypto space. As the proposal is considered by the ENS DAO, the community remains optimistic about the potential for ENS to become an even more integral part of the crypto landscape.

With millions of .eth names already registered and thousands of integrations, ENS has established itself as a leading crypto domain service. The expansion to layer-2 networks is poised to take ENS to the next level, offering a more decentralized, scalable, and user-friendly platform for users worldwide.

As the crypto community awaits the outcome of the proposal, one thing is certain – the future of ENS and the crypto landscape is bright, and the ENSv2 project is leading the charge.