The Ethereum Name Service (ENS) is preparing to roll out a major upgrade by transitioning to a layer-2 network. This move aims to reduce gas fees and enhance the speed of transactions. The upcoming update, known as ENSv2, will shift from the Ethereum mainnet to a more scalable and functional platform. ENS Labs, the team behind this decentralized naming protocol, officially put forth their proposal for ENSv2 on May 28. The goal is to incorporate new features and refine the essential workings of ENS by leveraging a layer-2 network.
The founder and lead developer of ENS Labs, Nick Johnson, has elaborated on the benefits of ENSv2. One of the key improvements will be the introduction of a new registry system designed to manage .eth domain names more effectively. Johnson noted, “ENSv2 will establish a hierarchical registry system for .eth management. This will empower nameholders with unique registries where they can manage subdomains and configure resolvers.”
This upgrade will allow nameholders to personalize their governance settings, including terms for domain expiration and transfer protocols. A significant aspect of the ENSv2 proposal is the migration from the Ethereum mainnet to a layer-2 network. This transition aims to enhance scalability, lower gas fees, and speed up transactions, all of which are expected to benefit both users and developers.
The ENS team has warned about potential missed opportunities if the migration does not proceed. Without this update, users will not experience reduced gas fees or the faster registration, renewal, and management of .eth names. They also highlighted that layer-2 fees are generally 100 times cheaper than those on the Ethereum mainnet, which underlines the economic advantages of the move.
Eskender Abebe, the head of product and strategy at ENS Labs, emphasized the overall benefits that these changes would bring to the user experience. Abebe stated, “The release of EIP4844 has made layer-2 networks based on Ethereum far more affordable and scalable, significantly influencing our proposal for ENS.” He also pointed out that this initiative is part of ENS’s broader effort to stay current with advancements in the Web3 space.
“As Web3 evolves, so must ENS,” Abebe continued. “Our objective is to deliver a product that offers the best possible user experience.” The ENS team also shared their insights on the challenges posed by network congestion, which is a major issue on the Ethereum mainnet. This congestion, they explained, affects user transactions.
The team believes that .eth names should be readily accessible to users worldwide. They admitted that providing an optimal user experience may be out of reach under the current conditions on the Ethereum mainnet. The planned migration to a layer-2 network is seen as a necessary step to ensure that all users can benefit from the improvements in scalability and cost-efficiency.
I’d bet we’ll see major downtime during the transition. User experience could tank.
Nick Johnson and his team are paving the way for the future of Web3 with ENSv2. Tremendous work!
ENSv2 will elevate the entire Ethereum ecosystem. Enhanced speed and reduced costs? I’m in!
So hyped for ENSv2! Streamlined .eth management and affordable transactions will set a new standard.
Massive respect for the ENS team. Their forward-thinking approach with ENSv2 will benefit everyone in the ecosystem.
Thrilled to see ENS evolve with the times. The new hierarchical registry system has me pumped! 🧑💻🚀
Significant update by ENS to keep up with Web3 advancements. Lower fees and better scalability will revolutionize domain management!
ESSENTIAL update for the ENS community. Lower fees and better scalability will make the experience so much smoother.
ENS is nailing it with this upgrade! Personalizing governance settings and lower gas fees? Let’s go!
The new registry system sounds like a huge improvement. Massive respect for the ENS team and their vision! 🌐💡
Sounds like another cash grab if you ask me. They’ll probably charge high fees for new features.
ENSv2 is shaping up to be a huge win for the Ethereum community. Faster, cheaper, better! 💪🌐
Delighted to see ENS leading by example with this forward-thinking upgrade. Ethereum is in good hands!
I feel like they’re rushing into this without considering all the long-term repercussions.
The benefits of ENSv2 are clear. More efficient domain management and lower costs will attract even more users.
I’m skeptical. Every upgrade always promises lower fees and faster speeds, but reality often falls short.