Ethereum Name Service has proposed activating ENSv2 with out requiring current .eth domain holders emigrate to the brand new system.
The Oct. 11 proposal would let customers maintain their present names indefinitely, so long as they maintain renewing them, whereas providing a everlasting migration possibility for those that need entry to upgraded options.
As soon as activated, ENSv2 would deal with all new .eth registrations, changing the prevailing registration infrastructure. Holders who migrate would completely switch administration of their domains to the brand new system, with no mechanism for returning their authentic tokens.
The proposal stays topic to approval by the ENS decentralized autonomous organization (DAO), whose Oct. 12 governance bulletin listed the vote as pending. ENS has not introduced a launch date.
ENSv2 introduces everlasting migration and better registration charges
The improve would substitute ENS’s current registry, launched in 2017, with a hierarchical construction that permits particular person domains to keep up separate registries for their subdomains.
The adjustments would give house owners extra flexibility in assigning permissions, letting companies and decentralized purposes delegate duty for particular names or information with out giving up broader management.
Through the migration, an proprietor’s current ENSv1 token would transfer into a wise contract often known as the Graveyard, which can not return or switch the tokens it receives.
Nevertheless, customers who select to stay on ENSv1 would maintain entry to their domains and proceed renewing them by way of a devoted contract that additionally preserves their ENSv2 reservations.
The transition would introduce adjustments to registration prices.
In line with ENS’s official guidance, annual charges for names containing 5 or extra characters would rise 60% to $8 from $5, whereas costs for three- and four-character names would stay unchanged.
ENSv2 would additionally introduce reductions for longer registrations, decreasing annual prices by roughly 44% for customers buying six or extra years.
Registration and renewal funds would use stablecoins, together with USDC and DAI, changing ETH-denominated funds and protecting charges mounted in greenback phrases.
Domain expiration guidelines would additionally change.
The prevailing 90-day grace interval would shrink to twenty-eight days for migrated names. To compensate, ENS would prolong registration expiry dates by 62 days, preserving the unique deadline when names grow to be out there to others.
Names remaining on ENSv1 would retain their 90-day grace interval, whereas domains already expired past that window wouldn’t obtain reservations within the new registry.
The activation course of presents further operational challenges.
ENS expects to quickly droop new registrations whereas builders synchronize current information and activate the brand new infrastructure, a course of anticipated to take a number of hours.
The proposal contains conflicting provisions on renewals throughout that interval, leaving uncertainty about whether or not current holders can renew names earlier than ENSv2 turns into operational.
Wallets and purposes integrating ENS should additionally replace their decision infrastructure to help the brand new system.
Following approval, ENS Labs would full the ultimate synchronization, activate ENSv2 registration and determination, and switch its remaining administrative permissions to the DAO.
The timing of these steps, alongside with clarification on renewal availability through the transition, stays unresolved forward of the governance vote.
