1Inch Announces Partnership With Unstoppable Domains: Details
- 1Inch has recently announced a new partnership with non-fungible token (NFT) domain name and digital identity provider Unstoppable Domains.
- The new agreement would enable 1inch Wallet users to conduct transactions in a more customized manner by substituting complicated addresses with web-friendly domain names.
- The partnership is an attempt to compete with Ethereum-based Ethereum Name Service (ENS) which is a major industry player for domain names.
Renowned distributed network 1Inch has recently announced a new partnership with non-fungible token (NFT) domain name and digital identity provider Unstoppable Domains, signaling a massive entry into the decentralized domain space.
According to the October 4 announcement, the new agreement would enable 1inch Wallet users to conduct transactions in a more customized manner by substituting complicated addresses with web-friendly domain names. This is similar to what the Ethereum Name Service (ENS), the company that currently dominates the decentralized domain space.
The announcement reads 1inch Wallet users will be able to “appreciate a new feature enabling them to enter human-readable domain names when buying or sending crypto assets, just so they can perform transactions more easily,” thanks to the new partnership. By the new feature, 1inch is also aiming to increase transaction security by “thorough address checking and preventing sending errors.”
1inch, which claims to always strive to improve the user’s transaction experience, has been increasing its market presence with the recent collaborations with DeFi projects in recent times. In line with its expansion strategy, the company is aiming to enhance the utility of sending or receiving cryptocurrency within the 1inch Wallet by employing domain resolution.
1inch co-founder Sergej Kunz believes that Web3 mainstream adoption is still hindered by many issues of user experience, security and identity.
“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,”He add.
2018-founded Unstoppable Domains is expected to rank among America’s Best Startup Employers in 2022. Its goal is to make Web3 surfing easier by handling digital identities and generating comprehensible crypto domain names. Moreover, the platform provides a variety of usernames for cryptocurrencies that can have endings. These include NFT, Wallet, Crypto, Bitcoin, Blockchain, 888, and DAO.
“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,”SVP and Channel Chief at the company, Sandy Carter commented.
1INCH, the native token of the DeFi aggregator platform, is currently trading at $0.57 after falling 2.2% on the day. It has essentially remained constant over the past few months, like the majority of DeFi tokens. Similar to other major altcoins, its current price has greatly decreased if one compares it with the all-time high price. 1INCH has fallen down by 93% from its Oct. 2021’s ATH at $8.65.
On the other hand, ENS token is in a comparable situation after suffering a steep 81% decline from its all-time high in November. According to recent market data, ENS was trading up 1.2% on the day at $15.86 at the time of writing.