Ethereum Name Service Maps Out Layer-2 Migration to Cut Gas Fees and Enhance Speed

The Ethereum Name Service (ENS) has announced a major update, ENSv2, which will involve migrating to a layer-2 network in order to reduce gas fees and improve transaction speeds.
ENSv2, proposed by ENS Labs on May 28, aims to enhance the scalability and functionality of the open-source blockchain naming protocol by transitioning to a layer-2 network.
Founder and lead developer of ENS Labs, Nick Johnson, stated that ENSv2 will introduce a new registry system for managing .eth domain names. Users will also have the ability to customize the governance of their names, including expiration and transfer rules.
Additionally, the proposal seeks to transfer the protocol from the Ethereum mainnet to a layer-2 network, with the goal of improving scalability, reducing gas fees, and enhancing transaction speeds. ENS Labs believes that this approach will benefit both users and developers.
According to the ENS team, if the protocol does not migrate, users will miss out on the lower gas fees and faster speeds for .eth name registration renewal and management.
The team also highlighted that layer-2 fees are often 100 times cheaper than those on the Ethereum mainnet, resulting in an overall improved user experience. ENS Labs’ head of product and strategy, Eskender Abebe, emphasized that these changes are necessary to keep up with the advancements in the broader Web3 space.
Furthermore, the ENS team explained that network congestion on the Ethereum mainnet is a major challenge, as it negatively impacts user transactions. They believe that in order to provide an optimal experience for global users, .eth names should be easily accessible, which may not be achievable with the current situation on the mainnet.