1inch Partners With Unstoppable Domains To Simplify Crypto Payments

The DEX aggregator has stated that this collaboration will increase interest in DeFi and Web3 services and products.

1inch, an aggregator of decentralised exchanges, has teamed with Unstoppable Domains to facilitate easier bitcoin payments for consumers. This, the companies believe, will encourage more widespread use of DeFi products and services.

As a result of the collaboration, 1inch wallet customers may now use Unstoppable’s naming service to submit “human-readable domain names” when sending cryptocurrency payments. Instead than memorising a string of random letters and numbers, users may just use their chosen domain name to access their digital wallet. The wallet address, like all Unstoppable Domains addresses, will be created on the blockchain as a nonfungible token (NFT) with no additional minting or renewal fees.

According to Sergej Kunz, co-founder of 1inch Network, the Unstoppable Domains alliance has the potential to increase interest in Web3 applications. “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.”

There are more than 150 Web3 apps that Unstoppable Domains has linked with, and as of July, they have registered 2.5 million domains. With the addition of 1inch, the NFT naming service now works with over 80 wallets and exchanges. After raising $65 million in a Series a fundraising round this year, the value of Unstoppable exploded to $1 billion. It’s no coincidence that Unstoppable’s meteoric rise coincides with the craze over NFTs; this fact demonstrates the widespread adoption of online identities. A similar uptick in demand can be evident at Ethereum Naming Services, a competitor to Unstoppable, with roughly 2 million domain registrations as of August. This number surpassed 2.6 million by the end of September.