ENS Labs has put forth a proposal for Ethereum Name Service (ENS) to undergo a migration to Layer 2. This proposed upgrade, known as ENSv2, seeks to address scalability concerns and lessen gas fees by relocating essential functions from the Ethereum mainnet to a Layer 2 network.
Upon acceptance, users can expect to enjoy lower transaction fees. Additionally, the upgrade introduces a novel hierarchical registry system designed for the efficient administration of .eth domain names. This system enables users to conveniently manage subdomains and configure resolvers.