1Inch, a leading decentralised exchange, has partnered with Unstoppable Domains.
The collaboration between 1inch and Unstoppable Domains aims to increase crypto and DeFi adoption by allowing users to create personalised wallet addresses.
Crypto critics were quick to compare 1inch's newest crypto domain endeavour to the popular Ethereum Name Service, drawing parallels to how 1inch's collaboration with Unstoppable Domains intends to outplay Ethereum Name Service.
1inch x Unstoppable Domains
1inch Network, a leading decentralised exchange, is teaming up with Unstoppable Domains, an Ethereum domain name provider.
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1inch will allow users to customise their crypto wallet addresses by introducing 'human-readable' domain names.
Under the partnership, 1inch will permit its users to enter decipherable crypto wallet addresses while sending crypto transfers via the Unstoppable domain service.
Users will be able to mint their customised names onto the Ethereum blockchain as NFTs and later use them as wallet addresses instead of entering an array of hard-to-read crypto addresses.
From 1inch:
Previously, users had to interact with lengthy alphanumeric crypto wallet addresses. From now on, they will enjoy the new option of replacing those complex addresses with straightforward names.
Users opting for the customised wallet name service will not be charged with additional minting or renewal fees, adding that an NFT domain can be more than a payment address for its wallets.
Several crypto analysts have compared 1inch's collaboration with Unstoppable Domains to the existing Ethereum Name Service, which offers users the ability to customise web-friendly crypto wallet names.
Founded in 2018, Unstoppable Domains has been dubbed Ethereum Name Service's closet competitor. As of July 2022, the firm registered 2.5 million domains and currently supports 275 tokens and 375 applications.
The platform recently announced its partnership with Brave, a popular web browser with its own native BRAVE token. The partnership will bring Unstoppable Doman's domain names to Brave, enabling the creation of 'decentralized websites that are fully functional on Brave.'
Get the latest on upcoming NFTs in 2022.