ENS Labs has proposed ENSv2, a comprehensive upgrade to the Ethereum Name Service that involves migrating the service to a Layer 2 network.

ENSv2 aims to enhance scalability and decrease gas fees by transferring core functionalities from the Ethereum mainnet to a Layer 2 chain, according to ENS Labs.

If the proposal is accepted, users will benefit from reduced transaction fees.

ENS Labs has yet to select the specific stack or Layer 2 network for the migration. However, this network will serve as the new platform for user interactions with ENS once the migration is complete.

The upgrade also proposes a new “hierarchical registry system” for more effective management of .eth domain names, which includes capabilities for managing subdomains and configuring resolvers.

“ENSv2 will …