Decentralized exchange aggregation protocol 1inch has entered into a new partnership that could spawn new services capable of rivaling the Ethereum Name Service (ENS). Indeed, on October 4, the 1inch network announced a partnership with non-fungible token (NFT) domain name provider and digital identity platform Unstoppable Domains.
This new collaboration demonstrates the growing interest of web3 players in decentralized domains, the sector of which is currently dominated by the Ethereum Name Service (ENS). According to the statement, this cooperation will allow 1inch Wallet users to conduct transactions in a more convenient way by replacing complicated addresses with domain names. This is precisely what the ENS proposes: replacing Ethereum addresses with user-friendly domain names.
An alternative to addresses that are too long but comes at a cost
By creating ENS domains, Unstoppable Domains has also created more memorable names that owners can own as long as they renew their domain name for a fixed price, as is already the case. with ordinary domain names.
Unstoppable Domains has also indicated that these names can be used as online identities. It’s worth noting that prices for popular names like andy.wallet can reach sky high amounts and over $20,000 for highly sought after unique names. Moreover, the majority of these domain names are already reserved.
1Inch Price Prediction
1INCH, the native token of the aggregation platform DeFi cryptocurrency, rose 2.2% today to trade at $0.584 at the time of writing. It has remained stable over the past few months, like the majority of DeFi tokens.
Like most alternative currencies, its price has now fallen sharply since its all-time high of $8.65 in October 2021, 1INCH is down 93%.
ENS tokens are in a similar situation after suffering a steep decline of 81% since their all-time high in November 2021.
Leading NFT Domain Provider
Unstoppable Domains was established in 2018 and has since become the leading provider of NFT domains, enabling easy web 3.0 browsing.
Currently, Unstoppable Domains supports over 2.5 million domains and over 150 Web3 applications. More than 80 wallets and exchanges are also supported by Unstoppable Domains, and its partnership with 1INCH is another plus in its game.