ENS Labs, the non-profit entity behind Ethereum Name Service (ENS), has proposed an upgrade dubbed ENSv2. This upgrade is intended to facilitate the migration of the protocol into a Layer2 network. Layer2 networks are secondary protocols built on top of a blockchain, designed to increase transaction speed and scale by handling transactions off the main chain. The proposed ENSv2 upgrade signifies a significant step towards improving the scalability and efficiency of the ENS protocol, which is crucial in the rapidly evolving blockchain ecosystem.