ENS Announces Major Upgrade to ENSv2 for Enhanced Scalability and Reduced Gas Fees
Summary:
The Ethereum Name Service (ENS) plans to upgrade to ENSv2 and migrate from Ethereum's mainnet to a Layer-2 network to reduce gas fees and increase transaction speed. Set to introduce new features while enhancing existing ones, ENSv2 aims to offer unique registries for domain holders for efficient management and customization, including subdomain navigation and set-up resolvers. The Layer-2 transition aims to alleviate network congestion, thus improving the speed, cost-effectiveness, and overall user experience of .eth name registration and management.
In a crucial development, the Ethereum Name Service (ENS) has revealed plans for a substantial upgrade that will shift its operations to a layer-2 network in an attempt to lower gas costs and increase transactional speed. The said update, coined ENSv2, targets distancing itself from the Ethereum mainnet to boost scalability and operational performance.
On May 28, ENS Labs, the organization developing the open-source blockchain naming system, officially disclosed the idea of ENSv2. The envisioned upgrade is set to enhance ENS's core functions and introduce novel features by transitioning to a layer-2 network.
Nick Johnson, the founder and chief developer of ENS Labs, shed light on ENSv2's potential to launch a revamped registry system for supervising .eth domain names. He stated that "ENSv2 will usher in a structured registry system for managing .eth names. Domain holders will get their singular registry for name management where they can navigate subdomains and set up resolvers."
He also went on to add that domain holders could tailor the administration of their names. This feature includes setting the terms of expiration and establishing transfer rules. The plan further intends to move the protocol from Ethereum mainnet to coincide with a layer-2 network, promising better scalability, minimized gas costs, and boosted transaction speed.
ENS Labs highlighted that such improvements would be beneficial for both users and developers. If the protocol did not go through the migration, users would be unable to gain benefits like faster speed and lower gas costs for .eth name re-registration and management.
The ENS team mentioned that the layer-2 transaction costs are usually 100 times less than the Ethereum mainnet. Eskender Abebe, ENS Labs' Head of Product and Strategy, stated that the overall modifications would result in an improved user experience. He attributed these changes to the affordability and scalability offered by the Ethereum-based layer-2 networks, as EIP4844's release has made this possible.
Eskender also emphasized ENS's attempt to stay in sync with the broader Web3 landscape's advancements. He expressed the desire to deliver a product that embodies the best possible user experience. Additional comments from the ENS team to Cointelegraph highlighted that network congestion poses a significant challenge to remaining on the mainnet and impacts user transactions. They argued that .eth names should be globally accessible with ease, something which they think could be an uphill task with the present situation on the Ethereum mainnet.
Published At
5/28/2024 4:00:00 PM
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