- The ENSv2 update has been suggested by ENS Labs in order to move the service to a Layer 2 network.
- The project’s ENSv2 update intends to lower gas costs and improve service scalability.
ENSv2, a thorough improvement to the Ethereum Name Service that include moving the service to a Layer 2 network, has been proposed by ENS Labs.
According to ENS Labs, ENSv2 moves essential features from the Ethereum mainnet to a Layer 2 chain in an effort to improve scalability and reduce gas expenses.
Transaction fees will be lowered for users if the plan is approved.
ENS Labs has not yet decided which Layer 2 network or stack to use for the move. But after the migration is over, this network will be the new interface through which users will communicate with ENS.
In addition, a new “hierarchical registry system” with the ability to manage subdomains and configure resolvers is suggested by the upgrade for better management of.eth domain names.
A hierarchical registry mechanism for.eth name management will be introduced by ENSv2. Nick Johnson, Lead Developer and ENS Labs Founder, stated that nameholders will be able to manage subdomains and set resolvers through a special name registry.
The.eth name service, a more straightforward substitute for conventional, lengthy Ethereum addresses, is the main offering of ENS. On the mainnet, more over two million.eth names have been registered as of yet.
The ENSv2 update might enhance multi-chain interoperability, increasing ENS’s usefulness and accessibility across many blockchain ecosystems.
According to ENS Labs, one of the main drivers for the ENS upgrade was the introduction of Ethereum Improvement Proposal (EIP) 4844, which considerably reduced the cost of Layer 2 networks through blob transactions. According to Eskender Abebe, Head of Product and Strategy at ENS Labs, “the release of EIP4844 has made Layer 2 networks based on Ethereum vastly more affordable and scalable,” which was a major motivator for ENS’s proposal.
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