ENSv2 replaces the original flat registry with a hierarchical, connected architecture that permits individual domains to maintain custom sub-registries and granular permission roles.

From the articleENS DAO Asked to Approve ENSv2 Activation ProposalAlso in Ethereum Name Service Seeks DAO Approval for ENSv2 Rollout on Ethereum Mainnet, Ethereum Name Service plans major .eth overhaul with one irreversible catch for domain holders, ENS Proposes Moving Ethereum Domain Registrations to Upgraded System, ENS seeks approval for major .eth domain upgrade