Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.
The move introduces ‘uni.eth’ subdomains, which will reportedly simplify the process of converting complex hexadecimal Ethereum addresses into user-friendly names.
This development allows users to establish their digital identity on the Ethereum blockchain. For individuals unfamiliar with .eth domains, they provide a simplified alternative to long wallet addresses. Instead of using complex wallet addresses like “0x74Fe1103d28fb79F4d83800003983390Dfc61234,” users can register a more straightforward name like “me.eth.”
Users can now claim their uni.eth subdomain directly through the Uniswap mobile app, with the platform offering one subdomain free of charge. The process of changing names is made hassle-free through a gasless mechanism facilitated by an off-chain resolver contract.
ENS subdomains function as names created beneath an existing ENS parent name. They serve a similar purpose to subdomains on traditional websites, allowing users to manage multiple ENS identities. For instance, the owner of the ENS domain “bob.eth” can create various subdomains like “pay.bob.eth,” “email.bob.eth,” or “games.bob.eth,” each directing to different destinations on the web or Ethereum addresses.
Interestingly, any ENS domain owner, including uni.eth, can generate an unlimited number of subdomains as long as the ENS domain remains active. These subdomains are under the jurisdiction of the parent ENS domain owner, allowing for flexibility and customization.
Uniswap stands as the most used automated market maker in the cryptocurrency space, facilitating trading between tokens through liquidity pools rather than traditional order books. Version 3 of the platform has recently seen a surge in activity, with a swap volume exceeding $1.2 billion in the past 24 hours alone.
To sustain its operations and development efforts, Uniswap Labs implemented a 0.15% fee for swaps made via its front-end interface back in October 2023. Since its introduction, this fee has generated a total of $5.9 million in revenue, according to data from The Block dashboard.
Blockchain domains use smart contracts that are built on top of the Ethereum network and stored inside a user’s wallet. Specifically, the domain is based on so-called non-fungible tokens (NFTs), which help assign the domains and look up the addresses. This mechanism eases up on crypto payments and ensures that these websites are resistant to censorship. For example, to send cryptocurrency, all you need to know is the recipient’s blockchain domain.
