Decentralized exchange aggregator 1inch has actually partnered with Unstoppable Domains to assist users streamline cryptocurrency payments– a move the company states could enhance the larger adoption of DeFi product or services.
Under the collaboration, 1inch wallet users can go into “human-readable domain names” when sending crypto payments utilizing Unstoppable’s calling service. This allows users to utilize customizable domain instead of lengthy alphameric crypto wallet addresses. Like all Unstoppable Domains addresses, the wallet address will be minted on the blockchain as a nonfungible token (NFT), without any additional minting or renewal costs.
Sergej Kunz, 1inch Network’s co-founder, stated the Unstoppable Domains collaboration might promote the wider adoption of Web3 products and tools. “The issues of user experience, security and identity are still keeping back Web3 mainstream adoption,” he said, including that the collaboration “opens chances for overcoming these barriers by making Web3 onboarding more fun and appealing.”
Since July, Unstoppable Domains had signed up 2.5 million domains and integrated with over 150 Web3 applications. The 1inch integration adds to a growing list of over 80 wallets and exchanges supported by the NFT naming service.
Unstoppable’s appraisal swelled to $1 billion this year after the business raised $65 million in a Series A financing round. Unstoppable’s development has taken place in lockstep with the NFT boom, highlighting the popularity of digital identity profiles. Ethereum Identifying Solutions (ENS), an Unstoppable rival, has likewise seen a surge in demand with nearly 2 million domain registrations as of August. By the end of September, that figure had actually risen above 2.6 million.
