In an effort to make bitcoin purchases simpler for customers, decentralised exchange aggregator 1inch has teamed up with Unstoppable Domains. According to the business, this move could encourage more people to use decentralised finance (DeFi) goods and services.
As part of the collaboration, users of the 1inch wallet can transmit cryptocurrency payments utilising Unstoppable’s naming service by entering “human-readable domain names.” Users can now use domain names that they can customise rather than long alphanumeric crypto wallet addresses. The wallet address will be created on the blockchain as a nonfungible token (NFT), just like all other Unstoppable Domains addresses, with no additional minting or renewal fees.
The cooperation with Unstoppable Domains, according to 1inch Network co-founder Sergej Kunz, could encourage more people to use Web3 technologies and products.“The issues of user experience, security and identity are still holding back Web3 mainstream adoption,” he said, adding that the partnership “opens up opportunities for overcoming these barriers by making Web3 onboarding more fun and attractive.”
Unstoppable Domains had 2.5 million domains registered as of July and integrated with more than 150 Web3 programmes. The NFT naming service now supports over 80 wallets and exchanges, and the 1inch integration expands that number.
After raising $65 million in a Series A investment round this year, Unstoppable’s valuation soared to $1 billion. Unstoppable’s expansion has coincided with the NFT boom, demonstrating the appeal of online identity profiles. A rival of Unstoppable, Ethereum Naming Services, has also experienced a rise in demand, with roughly 2 million domain registrations as of August. That number increased to almost 2.6 million by the end of September.