1inch and Unstoppable Domains Join Forces to Compete With ENS
A partnership between 1inch and nonfungible token (NFT) domain name provider and digital identity platform Unstoppable Domains was announced on Oct. 4. Both companies are aiming to enter the decentralized domain space, which is dominated by Ethereum Name Service (ENS).
When sending crypto payments with 1inch wallet, users will be able to use Unstoppable's naming service to enter "human-readable domain names." Instead of lengthy alphanumeric crypto wallet addresses, users will be able to use customizable domain names.?
There will be no additional minting or renewal fees associated with the wallet address (created on the blockchain as a nonfungible token), as with all Unstoppable Domains addresses.
1inch Network's co-founder Sergej Kunz believes the Unstoppable Domains partnership will boost Web3's adoption.
“The issues of user experience, security and identity are still holding back Web3 mainstream adoption,” he said, noting that the joint venture “opens up opportunities for overcoming these barriers by making Web3 onboarding more fun and attractive.”
1inch, according to Kunz, seeks to improve transactions for users by collaborating with cutting-edge projects in the DeFi. Furthermore, he explained that the 1inch Wallet's ability to send or receive crypto is doubled with this strategy.
Currently, Unstoppable Domains supports over 2.5 million domains and over 150 Web3 applications. Over 80 Wallets and exchanges are also supported by Unstoppable Domains, and 1inch integration is another addition to its growing number of partners.
Forbes named Unstoppable Domains one of America's Best Startup Employers in 2022. Since being founded in 2018, it has become the leading provider of NFT domains.
CBW - External Analyst