This initiative goes beyond mere migration. It fundamentally reimagines the protocol’s architecture to meet the needs of the evolving decentralized web.
Since 2017, ENS has evolved into a vital internet infrastructure. With millions of .eth names and numerous integrations, ENS bridges the traditional web and Web3.
ENSv2: Bridging Web3 and Traditional Internet
As Web3 continues to gain traction and more users come on board, scaling constraints have become increasingly evident. The growing demand for ENS services has highlighted the need for a more scalable and efficient solution.
Ethereum’s “rollup-centric” roadmap provides a promising solution to these challenges through the deployment of L2 networks. These networks offer significantly lower gas costs and faster transaction speeds, making Web3 more accessible to a broader user base. ENS Labs has been closely monitoring the development of the L2 ecosystem while contributing through internal innovations such as CCIP-Read and the EVM Gateway. These efforts have positioned ENS to seamlessly transition parts of its protocol to L2.
Source: X
More About ENSv2
The introduction of ENSv2 brings several transformative changes:
- Lower Gas Costs and Faster Transaction Speeds: By migrating .eth name registration and management to an L2 network, ENSv2 will significantly reduce the gas costs associated with these operations. This change will also lead to faster transaction speeds, enhancing the user experience and making it more feasible for a larger number of users to participate in the ENS ecosystem.
- Hierarchical Registry System: ENSv2 will feature a hierarchical registry system, allowing for enhanced customization and control over .eth names. This system will provide users with more flexibility in managing their domains, enabling more complex and tailored use cases.
- Improved Multi-Chain Interoperability: As the decentralized web grows, so does the need for interoperability between different blockchains. ENSv2 will be designed with multi-chain functionality in mind, ensuring that it can seamlessly interact with various blockchain ecosystems, thereby broadening its usability and appeal.
Source: X
This strategic shift not only addresses current scalability issues but also sets the stage for the next phase of growth and innovation in the ENS ecosystem. ENSv2 is poised to further solidify ENS’s role as critical infrastructure for the decentralized web, making it more efficient, accessible, and ready for the future of Web3.
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