1inch To Compete With ENS With Unstoppable Domains Partnership
1inch has announced a partnership with NFT domain name provider and digital identity platform Unstoppable Domains.
The partnership will allow 1inch wallet users to process transactions in a much more efficient and user-friendly way by using domain names instead of complex addresses.
Moving Into The Decentralized Domain Space
The partnership, announced on the 4th of October, sees 1inch moving into the decentralized domain name space, a space dominated by Ethereum Name Service (ENS). The new partnership will allow users to complete transactions in a much more user-friendly way, replacing the current complex addresses with domain names and making transactions much more straightforward. Previously, users of the service were confronted with lengthy, complicated, alphanumeric crypto wallet addresses.
This is the exact service provided by Ethereum Name Services, which replaces complex Ethereum addresses with user-friendly domain names.
“The issues of user experience, security, and identity are still holding back Web3 mainstream adoption. The partnership with Unstoppable opens up opportunities for overcoming these barriers by making Web3 onboarding more fun and attractive, while users will also benefit from a user-friendlier way of transacting.”
User-Friendly Domain Names As NFTs
Unstoppable Domains mints user-friendly domain names as an NFT, making it easier for holders to keep them. Because these are generated as NFTs, the user can hold the domain name forever. This is unlike ENS domains, which require periodic renewals, like regular, real-world domain names.
Unstoppable Domains also offers different usernames for crypto with various endings, including NFT, Wallet, Bitcoin, Blockchain, Crypto, DAO, and 888. This means users can have names such as money.wallet or money.crypto while interacting with the 1inch wallets. This is vastly different from ENS names, which end in .eth. Unstoppable Domains also stated that the names could also be used as digital identities, with popular ones featuring prices as high as $10,000.
So far, Unstoppable Domains has successfully registered 2.6 million names and integrated with several prominent platforms such as ShapeShift, Trust Wallet, Coinbase, Brave Browser, OpenSea, and more. Unstoppable Domains has integrated with 453 platforms, compared to ENS, which has over 2.17 million users and is integrated with 500 platforms.
Number One Provider For NFT Domains
Unstoppable Domains was founded in 2018 and has since established itself as the number one provider for NFT domains, facilitating easy Web 3.0 navigation. Speaking about the partnership with 1inch, SVP and Channel Chief at Unstoppable Domains, Sandy Carter commented,
“The 1inch Wallet is a DeFi lover’s dream, and Unstoppable is helping make it even easier for DeFi enthusiasts to manage their finances and own their identity on Web3. We’re thrilled to partner with 1inch to make transacting with, accessing, and buying crypto simpler and more intuitive than ever.”
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.