Ethereum Name Service Proposes Protocol Migration to Layer 2 to Reduce Gas Fees

cryptonews.com:

Domain naming system Ethereum Name Service (ENS) has proposed an ENSv2 upgrade migrating to Layer 2 to reduce gas fees and increase transaction speeds.

ENS Labs said ENSv2 will involve a “comprehensive overhaul” to Layer 2 and re-architecting ENS to include a hierarchical registry to improve management and customization of .eth domain names.

“Nameholders will have access to a unique name registry, where they will be able to manage subdomains and configure resolvers,” said Nick Johnson, the lead developer and founder of ENS Labs, in a press release.

“Name holders can customize their name’s governance, like choosing the terms for name expiration and transfer rules,” adds Johnson.

ENS was launched in 2017 and is a well-known on-chain naming tool. So far, over two million .eth names have been registered across applications, wallets, domains and browsers.

EIP4844, commonly called proto-danksharding, is a cheaper way for Layer 2 rollups to post transaction data to Ethereum.

“The release of EIP4844 has made Layer 2 networks based on Ethereum vastly more affordable and scalable, which was a big driving factor for ENS’s proposal,” said Eskender Abebe, head of product and strategy at ENS Labs.

“As Web3 continues to revolutionize, ENS does too, and we want to ensure we are delivering a product that has the best user experience possible,” adds Abebe.

If the ENSv2 upgrade proposal is accepted developers will benefit from the increased flexibility provided by the new registry design, and benefit from other infrastructure deployed as part of the migration.

Users will also benefit from the reduced transaction fees and increased throughput that comes from hosting their names on an L2, while still being able to choose to retain the