CryptoSlate
Ethereum Name Service has proposed activating ENSv2, the first major overhaul of its .eth registry since 2017, without forcing existing domain holders to migrate. The Oct. 11 proposal lets current owners keep their names indefinitely as long as they keep renewing, while a permanent migration option unlocks the upgraded system's features. Annual fees for names with five or more characters would rise 60% to $8 from $5, and registration payments would shift from ETH to stablecoins including USDC and DAI. No launch date has been announced, and the upgrade still requires approval from the ENS DAO, which listed the vote as pending in its Oct. 12 governance bulletin.
Why it matters
ENSv2 replaces the original registry with a hierarchical structure that lets individual domains maintain separate registries for their subdomains. Businesses and decentralized applications could delegate responsibility for specific names or records without giving up broader control, a flexibility the 2017-era system never offered.
The tradeoff is finality. Migrating moves an owner's ENSv1 token into a smart contract known as the Graveyard, which cannot return or transfer the tokens it receives. Holders who stay on ENSv1 keep their 90-day grace period, while migrated names get a shortened 28-day window, partially offset by a 62-day extension to registration expiry dates that preserves the original deadline.
Market impact
Activation would temporarily suspend new .eth registrations for several hours while developers synchronize records, and the proposal contains conflicting provisions on whether holders can renew during that interval. Wallets and applications integrating ENS must also update their resolution infrastructure to support the new system.
The payment switch is the quieter shift: dollar-fixed stablecoin fees remove ETH price volatility from registration costs, and discounts of roughly 44% for registrations of six or more years could nudge holders toward longer commitments. Following approval, ENS Labs would complete the final synchronization and transfer its remaining administrative permissions to the DAO.
Frequently asked questions
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Do existing .eth domain holders have to migrate to ENSv2?
No. The Oct. 11 proposal lets holders stay on ENSv1 indefinitely as long as they keep renewing, through a dedicated contract that also preserves their ENSv2 reservations.
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Is migrating a .eth domain to ENSv2 reversible?
No. During migration the ENSv1 token moves into a smart contract known as the Graveyard, which cannot return or transfer the tokens it receives.
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How will ENSv2 change .eth registration fees?
Annual fees for names with five or more characters would rise 60% to $8 from $5, while three- and four-character names stay unchanged. Registrations of six or more years receive a roughly 44% annual discount.
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What will ENSv2 accept as payment for registrations and renewals?
Stablecoins including USDC and DAI would replace ETH-denominated payments, keeping fees fixed in dollar terms.
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When will ENSv2 launch?
No launch date has been announced. The upgrade must first be approved by the ENS DAO, whose Oct. 12 governance bulletin listed the vote as pending.
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