The Ethereum Name Service (ENS) is planning a major upgrade, moving to a Layer 2 network to reduce gas fees and improve transaction speeds.
This proposed version, ENSv2, seeks to move away from the Ethereum mainnet to improve scalability and functionality.
ENS Labs, the organization behind the open source blockchain naming protocol, officially proposed ENSv2 on May 28. The update aims to introduce new features and improve the core functionality of ENS by moving to a Layer 2 network.
ENSv2 introduces a new registration system for managing .eth domain names, said Nick Johnson, founder and lead developer of ENS Labs. Johnson explained:
“ENSv2 will introduce a hierarchical registry system to manage .eth names. Name owners will have access to a unique name record, where they can manage subdomains and configure resolvers.
Additionally, Johnson said name holders will be able to customize how their names are managed. This includes choosing expiration conditions and transfer rules.
Additionally, the proposal aims to move the protocol from the Ethereum mainnet to the Layer 2 network. This aims to improve the scalability of the ENS, reduce gas fees, and improve the speed of transactions. According to ENS Labs, this approach benefits both users and developers.
When asked what the community might miss if the protocol was not migrated, the ENS team explained that users would not be able to benefit from less gas and faster speed to renew and manage the .eth name registration.
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The ENS team also said that layer 2 fees are often 100 times cheaper than those on the Ethereum mainnet. Eskinder Abebe, head of product and strategy at ENS Labs, noted that overall the changes will provide a better user experience. Abebe said:
“The release of EIP4844 made Ethereum-based Layer 2 networks more affordable and highly scalable, which was a driving factor for the ENS proposal.”
The CEO also said that this is an attempt by ENS to keep up with improvements in the broader Web3 space. “As Web3 continues to revolutionize, so does ENS, and we want to make sure we deliver a product with the best possible user experience,” Abebe added.
Apart from this, the ENS team told Cointelegraph that network congestion is the main challenge to stay on the mainnet. The team explained that this affects user transactions.
Finally, they believe that .eth names should be easily accessible to users around the world and that providing an ideal experience might be “out of reach” given the current situation on the Ethereum mainnet.
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