Ethereum
Ethereum Name Service offers protocol migration to Layer 2
Last updated: May 29, 2024 01:11 EDT | 1 minute reading
The Ethereum Name Service (ENS) domain name system has proposed an ENSv2 upgrade migrating to Layer 2 to reduce gas fees and increase transaction speeds.
ENS laboratories said ENSv2 will involve a “complete overhaul” of Layer 2 and a rearchitecture of ENS to include a hierarchical registry to improve the management and customization of .eth domain names.
“Registrants will have access to a single name registry, where they can manage subdomains and configure resolvers,” Nick Johnson, lead developer and founder of ENS Labs, said in a press release.
“Nameholders can customize their name governance, such as choosing name expiration conditions and transfer rules,” adds Johnson.
ENS was launched in 2017 and is a well-known on-chain naming tool. So far, more than two million .eth names have been registered in apps, wallets, domains and browsers.
Ethereum Improvement Proposal (EIP) 4844
EIP4844, commonly called proto-danksharding, is a less expensive method for Layer 2 rollups to publish transaction data on Ethereum.
“The release of EIP4844 made Ethereum-based Layer 2 networks much more affordable and scalable, which was a driving factor in the ENS proposition,” said Eskender Abebe, Head of Product and Strategy at ENS Labs.
“As Web3 continues to revolutionize, so does ENS, and we want to make sure we deliver a product with the best possible user experience,” adds Abebe.
If the ENSv2 upgrade proposal is accepted, developers will benefit from the increased flexibility offered by the new registry design and benefit from other infrastructure deployed as part of the migration.
Users will also benefit from reduced transaction fees and increased throughput resulting from hosting their names on an L2, while being able to choose to retain the security and availability guarantees of hosting their name on an L1 s ‘they want it.
How does the Ethereum Name Service work?
ENS laboratories maps human-readable names like “alice.eth” to machine-readable identifiers like Ethereum addresses, other cryptocurrency addresses, content hashes, metadata, etc.
ENS also supports “reverse resolution,” allowing metadata such as head names or interface descriptions to be associated with Ethereum addresses.
THE ETHRegistrarController is the primary controller of the ETH registrar and provides a simple registration and renewal mechanism.
Regarding the fee structure, the ETH Registrar charges a registration fee. This is paid in ETH and is intended to prevent spam from the registrar. Any protocol fees are sent to the ENS Treasury.