Ethereum ecosystem and many other blockchain networks’ DeFi platform Uniswap has announced the availability of uni.eth subdomains using the Ethereum Name Service infrastructure to allow users to convert complex sixteen-digit Ethereum addresses into names readable by Web3 users. Users can request their uni.eth subdomains for free through the Uniswap mobile app.
A Significant Step by the Uniswap Team
Changing user names is designed to allow users to receive them without transaction fees through an off-chain resolver contract. ENS subdomains are domain names created under an existing ENS domain and are often used to manage multiple ENS identities in a manner similar to subdomains on traditional websites.
Any ENS domain owner, like uni.eth, can create an unlimited number of subdomains as long as the ENS domain is active. These subdomains are created and managed by the owner of the main ENS domain. For example, the owner of the bob.eth ENS domain can create subdomains like pay.bob.eth, email.bob.eth, or games.bob.eth. Each subdomain can be directed to a different website, Ethereum address, or another resource.
Noteworthy Details for Uniswap
ENS’s integration into the services provided by Uniswap expands on previous developments in off-chain resolvers supported by the ENS contract. Previously, projects like OptiNames on the popular Layer-2 network Optimism had also offered subdomains.
Uniswap stands out as the most widely used automated market maker. It operates as a decentralized exchange, facilitating trades between assets using liquidity pools instead of relying on traditional order books that directly match buyers and sellers. The protocol had a trading volume of over $1.5 billion in the past 24 hours.
Uniswap Labs implemented a 0.15% fee in October 2023 for trades made through its front-end interface. According to The Block Data Dashboard, since its launch, the front-end has accumulated a total of $5.9 million.
