Ethereum Name Service plans major .eth overhaul with one irreversible catch for domain holders
Ethereum Name Service has proposed activating ENSv2 with out requiring present .eth domain holders emigrate to the brand new system.
The Oct. 11 proposal would let customers preserve their present names indefinitely, so long as they preserve renewing them, whereas providing a everlasting migration possibility for those that need entry to upgraded options.
Once 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 present registry, launched in 2017, with a hierarchical construction that permits particular person domains to take care of separate registries for their subdomains.
The modifications 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.
During the migration, an proprietor’s present ENSv1 token would transfer into a wise contract often called the Graveyard, which can not return or switch the tokens it receives.
However, customers who select to stay on ENSv1 would preserve entry to their domains and proceed renewing them by means of a devoted contract that additionally preserves their ENSv2 reservations.
The transition would introduce modifications to registration prices.
According to 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, lowering 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 fastened in greenback phrases.
Domain expiration guidelines would additionally change.
The present 90-day grace interval would shrink to twenty-eight days for migrated names. To compensate, ENS would lengthen registration expiry dates by 62 days, preserving the unique deadline when names develop into 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 present 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 present 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 throughout the transition, stays unresolved forward of the governance vote.
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