1inch users get domain names: partnership with Unstoppable Domains
Decentralized exchange aggregator 1inch has teamed up with Unstoppable Domains to help users make cryptocurrency payments easier. According to the company, this could fuel the broader adoption of decentralized finance (DeFi) products and services.
As part of the partnership, 1inch wallet users will be able to enter “human-readable domain names” when sending crypto payments through Unstoppable’s naming service. This allows users to use customizable domain names instead of long alphanumeric crypto wallet addresses. Like all unstoppable domain addresses, the wallet address is minted on the blockchain as a Non Fungible Token (NFT) with no additional minting or renewal fees.
Sergej Kunz, the co-founder of 1inch Network, said the partnership with Unstoppable Domains could encourage wider adoption of Web3 products and tools. “User experience, security and identity are still impeding mass adoption of Web3,” he explained. He also said the partnership would “open opportunities to overcome these barriers by making Web3 more fun and engaging to get started with”.
NFT domains platform Unstoppable gets $65 million in a funding round.
The platform confirmed it will invest the money in product innovation and growth within Web3. https://t.co/4wvILOF8oW
— Cointelegraph (@Cointelegraph) July 28, 2022
As of July, Unstoppable Domains had onboarded 2.5 million registered domains and over 150 Web3 applications. In addition to 1inch, over 80 wallets and exchanges are supported by the NFT naming service.
Unstoppable has increased its market value to $1 billion this year. The company raised $65 million in a Series A funding round. Unstoppable’s growth has paralleled the NFT boom and shows the popularity of digital identities. Ethereum Naming Services is one of Unstoppable’s competitors and has also seen an increase in demand. Almost 2 million domains have been registered with the service. At the end of September there were already 2.6 million.