Why is ENSv2 the new mainstream name service for Ethereum?

Author: William M. Peaster, Bankless; Compiled by: Whitewater, Golden Finance

With NFT-supported domain names, the Ethereum Name Service (ENS) has been a leading Ethereum application scenario since its establishment in 2017 cornerstone.

Now, the protocol administrators at ENS Labs have just introduced their largest development proposal yet: ENSv2.

The proposal will extend ENS to unselected Layer 2 networks to reduce costs and speed up transactions and enhance functionality. Here’s a closer look at the basics of the system and why it marks a major leap forward.

Why migrate to Layer 2?

Of course, the main motivation for transitioning ENS to L2 is scalability.

L2 performs off-chain transactions while ensuring data integrity on the Ethereum mainnet, resulting in faster transactions and significantly lower gas fees.

Adopting L2 will make ENS more accessible to a wider user base and pave the way for new integrations road, thanks to a significant reduction in gas fees for .eth name registration and renewal.

However, it’s not just about cost and speed –ENSv2 too An opportunity for transformation. If approved, the system will introduce a new tiered registration system.

In other words, each .eth name will have its own personal registry, rather than a single flat registry, thus < Strong>Provides greater flexibility and control over subdomains and ownership based on user needs.

In addition, ENSv2 aims to promote greater interoperability between various blockchains. Smooth integration. Through the combination of CCIP-Read gateways and compatible resolvers, .eth names will be able to connect trusted across different networks like never before.

Layer2 Migration Plan

The migration to ENSv2 will occur in phases to minimize disruption.

The initial phase involves deploying a new common router interface, followed by deploying new registry contracts on L1 and L2 . Eventually, users will be able to migrate their names to L2 to enjoy lower costs and faster transactions, but migration is optional. Existing names will continue to function normally on Ethereum.

The big question then is which L2 will the ENS community choose? The ENSv2 technical design document mentions "ENS Chain", but this may just be a tentative alternative name until the network is officially chosen.

In other words, ENS can create its own L2, such as in Optimism on the super chain, or directly deployed to Optimism, Arbitrum, Base, Starknet, etc.

We’ll see what happens, but ENS Labs proposes a selection framework to guide this decision, covering requirements such as Ethereum Virtual Machine (EVM) compatibility to Ranking criteria such as powerful development tool options. The ENS DAO will make the final approval decision here.

Outlook

By reducing gas fees and speeding up transactions, ENSv2 lays the foundation for .eth names to become more affordable and efficient. Democratize access to ENS services.

This transition is related to the new hierarchical registration system and CCIP-READ Combined, this could lead to an explosion of new applications based on ENS and across a variety of different chains.

As the on-chain ecosystem grows, the ability to easily and economically manage and resolve names across multiple chains will become increasingly valuable. ENSv2 can be a key component of this connected future, supporting everything from encrypted social networks to complex financial applications.

This upgrade looks set to mark the beginning of the mainstream era of ENS, and provide support for legions of newcomers in the coming years.