1inch partners with Ethereum Name Service to offer rival services
The 1inch decentralized exchange aggregator protocol has entered into a new partnership that could see it offering services that rival the Ethereum Name Service (ENS).
1inch, a leading decentralized exchange protocol, has announced a partnership with Unstoppable Domains, a provider of NFT domain names and digital identity solutions. This partnership will enable 1inch to offer its users the ability to purchase NFT domain names using the 1inch native token (1INCH).
The new collaboration signals a move into the decentralized domain space, which is currently dominated by the Ethereum Name Service (ENS). This move will allow the team to offer users a more secure and efficient way to manage their domain names. In addition, the team plans to offer a decentralized DNS service that will be more resistant to censorship and attacks.
This partnership is great news for 1inch Wallet users, who will now be able to enjoy a more user-friendly experience thanks to the replacement of complex addresses with domain names. This is a huge step forward for the 1inch Wallet team and we can't wait to see how this new feature benefits our users.
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Meet the most unstoppable announcement of this week!#1inch is excited to announce a partnership with
@unstoppableweb, an #NFT domain name provider and digital identity platform.
Read more: https://t.co/ooGROWT9XR#DeFi #crypto #Web3
— 1inch Network (@1inch) October 4, 2022
Big Name Choice … But at a Price
Unstoppable Domains is the future of the internet. With its user-friendly domains that are minted as NFTs, holders can keep them forever. This is a major advantage over ENS domains, which need to be renewed periodically.
The 1inch platform's unique offering of different usernames for crypto wallets and accounts is a great way to help users keep track of their various holdings and interactions. The inclusion of NFT, Wallet, Crypto, Bitcoin, Blockchain, 888, and DAO in the list of possible endings for these usernames is also a welcome touch. Users will appreciate being able to easily identify their 1inch Wallet by name, and the ENS names ending in .eth will be a boon for those looking to use the Ethereum network.
It is amazing how much a simple domain name can cost. However, it is even more amazing that there is a company that is willing to let people use these domain names as digital identities. This could potentially revolutionize the way we use the internet and could lead to a more secure and private experience for everyone involved.
It's clear that there are still some major obstacles to widespread adoption of Web3 technology. User experience, security, and identity are all important issues that need to be addressed. However, it's encouraging to see people like Sergej Kunz working on solutions to these problems. With the right team in place, Web3 could finally start to see the mainstream adoption it deserves.
“The partnership with Unstoppable opens up opportunities for overcoming these barriers by making Web3 onboarding more fun and attractive,” he added.
It's clear that Unstoppable Domains is quickly becoming the go-to platform for those looking to register new domains. With 2.6 million names already registered, and integrations with some of the biggest names in the industry, it's easy to see why. Trust Wallet, ShapeShift, OpenSea, Coinbase, and Brave browser are all integrations that add a lot of value for users. In comparison, ENS has 2.17 million registered names, but doesn't have the same level of integrations.
1INCH Price Outlook: Expect More Upside
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. The 1INCH token has been one of the more stable DeFi tokens over the past few months, and it looks like it may continue to hold its value in the future.
It is clear that 1INCH, like most altcoins, has experienced a severe price crash since its all-time high in October 2021. However, it is important to remember that the cryptocurrency market is still in its early stages and is highly volatile.
It is clear that the value of ENS tokens has taken a severe hit in recent months, falling 81% from their all-time high in November. However, it appears that the market may be starting to turn around, with ENS tokens currently up 3.2% on the day. Only time will tell if this is a sustained trend or simply a brief respite in the overall decline.
The post 1inch Partners With Unstoppable Domains to Compete With ENS appeared first on CryptoPotato.
