We covered 1 inch back in August after the DeFi tech startup joined up with KuCoin Wallet to launch its native swap feature. 1 inch is a distributed network for protocols on Ethereum, BNB Chain, Polygon, Avalanche, OptimisticEthereum, Arbitrum, Fantom and Gnosis Chain.
Since our last story, the 1 inch team has been working on a new feature that will allow users to enter human-readable domain names when buying or sending cryptocurrencies, so they can perform transactions more easily.
1 inch Wallet users can use a more user-friendly way by replacing complex addresses with domain names, as part of a partnership with Unstoppable Domains.
The 1 inch Network is excited to announce a partnership with NFT, an NFT domain name provider and digital identity platform, driven by a mission to encourage mass adoption of DeFi products through improved user experience.
Users had to interact with long alphameric wallet addresses before. They will be able to replace those complex addresses with simple names from now on.
Where do these names come from? The name of the wallet address that is provided by Unstoppable Domains belongs to its holder forever since it is minted as an NFT on the blockchain with no minting and no renewal fees. An NFT domain can be more than just a payment address for wallets, providing a universal digital identity and serving as a unique username across apps and platforms. Users can create usernames with different endings, like NFT, Wallet, Cryptocurrencies, X, DAO, etc.
In order to transact with cryptocurrencies, the 1 inch Wallet users will enter an address name that is like Andy.wallet or Money.crypto or any other creative yet simple word combination that has been chosen as a user domain. Such domains increase transaction security by thorough address checking and prevent errors from being sent.
1 inch always strives to improve the user experience by collaborating with cutting-edge DeFi projects. The usability of sending or receiving cryptocurrencies within the 1 inch Wallet is in line with this strategy.
Sergej Kunz, 1 inch Network co-founder, said that the issues of user experience, security, and identity are still holding back Web 3 mainstream adoption. He believes that the partnership with Unstoppable opens up opportunities for Web 3 onboarding to be more fun and attractive, while users will benefit from a user-friendlier way of transacting.
Sandy Carter, the SVP and Channel Chief at Unstoppable Domains, said that the 1 inch wallet is a DeFi lover's dream, and Unstoppable is helping make it easier for DeFi enthusiasts to manage their finances and own their identity on the web. We're thrilled to partner with 1 inch to make the process of transacting, accessing, and buying criptocurrency simpler and more intuitive than ever. According to Forbes, Unstoppable Domains is the number one provider for NFT domains, which was founded in 2018 and considered to be one of America's Best Startup Employers in 2022. It provides digital identities and creates understandable domain names with a mission of facilitating Web 3 navigation.