1inch, a decentralized exchange aggregator, has partnered up with Unstoppable Domains in order to simplify cryptocurrency payments. The company believes this partnership will help increase the adoption of Decentralized Finance (DeFi) products and services.
According to the DEX aggregator, the partnership will encourage wider adoption of DeFi products and Web3 services.
The partnership allows 1inch wallet users to enter a “human-readable domain name” when sending crypto payments via Unstoppable’s Naming Service.
This partnership allows users to choose customizable domain names rather than long alphameric crypto wallet addresses. The wallet address, like all Unstoppable Domains addresses, will be minted as a nonfungible token NFT on the blockchain. There are no renewal or minting fees.
Sergej Kunz is the co-founder of 1inch Network. He stated that the Unstoppable Domains partnership can promote wider adoption of Web3 tools and products. He stated that Web3’s main barriers to mainstream adoption are identity, security, and user experience. The partnership will help overcome these obstacles by making Web3 onboarding more enjoyable and appealing.
Unstoppable domains had registered 2.5million domains as of July and were integrated with more than 150 Web3 applications. The 1inch integration is the latest addition to the growing number of wallets and exchanges that are supported by NFT naming services.
Unstoppable’s valuation soared to $1Billion this year following a Series A funding round of $65 million. Unstoppable has grown in line with the NFT boom. This highlights the growing popularity of digital identity profiles. Unstoppable’s competitor Ethereum Naming Services has seen a spike in demand. Nearly 2 million domain registrations were made as of August. That number had risen to 2.6 million by September’s end.