According to CoinMeta, ENS DAO represents a proposal submitted by nick.ETH on Ethereum mainnet to enable the execution of ENSv2. The plan is to stop new ETH domain name registrations and transfer the ownership of the originally registered contracts to those that only support renewal. After the proposal is implemented, ENS Labs will complete the synchronization of existing domain name data, open ENSv2 registrations, and switch the domain name resolution service. Ultimately, all management rights for ENSv2 will be transferred to ENS DAO. ENSv2 will adopt a hierarchical registry structure, supporting more fine-grained subdomain permission management. Existing ETH domain names do not need to be migrated forcibly and can continue to be used and renewed, but once migrated to ENSv2, there will be no option for rollback.