On Oct. 4, the 1inch network announced a partnership with nonfungible token (NFT) domain name provider and digital identity platform Unstoppable Domains.
The new collaboration signals a move into the decentralized domain space, which is currently dominated by the Ethereum Name Service (ENS).
According to the announcement, the partnership will allow 1inch Wallet users to perform transactions in a more user-friendly way by replacing complex addresses with domain names. This is precisely what ENS offers – replacing Ethereum addresses with web-friendly domain names.
— 1inch Network (@1inch) October 4, 2022
Big Name Choice … But at a Price
Unstoppable Domains generates user-friendly names by minting them as an NFT so that the holder can keep them forever. By comparison, ENS domains need to be renewed periodically, just like real-world domain names.
The platform also offers different usernames for crypto that can have endings, including NFT, Wallet, Crypto, Bitcoin, Blockchain, 888, and DAO. Users can interact with their 1inch Wallets with names such as andy.wallet or money.crypto. ENS names, on the other hand all end with .eth.
The names can also be used as digital identities according to Unstoppable Domains. When searching for domain names on the platform, CryptoPotato found that prices were as high as $10,000 for popular ones such as andy.wallet and even more for rare ones, most of which were already taken.
Sergej Kunz, 1inch network co-founder, said that 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,” he added.
Unstoppable Domains claims to have registered 2.6 million names and integrated with 453 other platforms including Trust Wallet, ShapeShift, OpenSea, Coinbase, and Brave browser. By comparison, ENS has 2.17 million registered names and more than 500 integrations.
1INCH Price Outlook
The native token of the DeFi aggregator platform, 1INCH, has crept up 2.2% on the day to trade at $0.584 at the time of writing. Like most DeFi tokens, it has remained relatively flat over the past couple of months.
Like most altcoins, it remains a long way down from its peak price. 1INCH is 93% down from its Oct. 2021, all-time high of $8.65.
ENS tokens are in a similar position having fallen a hard 81% from their November all-time high. At the time of writing, ENS was trading up 3.2% on the day at $15.77 according to CoinGecko.