Uniswap Launches Free Subdomain For Users With ENS

Uniswap, a decentralized crypto exchange. (Photo; Doc. Coin4shares)

JAKARTA - Uniswap, one of the most popular decentralized crypto trading platforms (DEX), has launched a new feature that allows its users to create free subdomains using the Ethereum Name Service (ENS). ENS is a service that facilitates the use of easy-to-read domain names by humans for complex crypto addresses.

With a uni.eth subdomain, Uniswap users can replace their long and hard-to-remember hexadesimal addresses with shorter and simpler names. For example, instead of using addresses like 0x98...674, users can create subdomains like nick.uni.eth and use them to accept and send cryptocurrencies.

Interested users can register and claim their uni.eth subdomain via the Uniswap mobile app. This process does not require an on-chain gas fee or transaction, because it is done off-chain. Users can create as many subdomains as they want, as long as their main ENS domain is still active.

This feature aims to increase the ease of use and adoption of Uniswap, which is the largest DEX on the Ethereum network. According to DefiLlama data, Uniswap currently has a Total Value Locked (TVL) of US$2.9 billion (Rp 45.3 trillion), with a daily trading volume of US$1.25 billion (Rp 19.6 trillion).

Uniswap is not alone in using ENS, as many other crypto projects have also adopted this service. ENS allows users to create domain names that end up with eth, which is a special extension to the Ethereum blockchain. The name of this domain can also be used to create decentralized websites hosted on IPFS.

One example of using an interesting ENS is the sale of the ChatGPT.eth domain on the NFT OpenSea market in February. This domain sold for 6 WETH, which was equivalent to 9,981.84 US dollars (IDR 156.1 million) at the time. This domain was allegedly purchased by developers who wanted to create an AI-based chat application using GPT-4 technology.

Meanwhile, Uniswap is also preparing to launch Version 4, which is a massive upgrade to its platform. Version 4 is expected to increase Uniswap's efficiency, flexibility and security, as well as support various types of crypto assets. Uniswap plans to launch Version 4 in the third quarter of 2024, after going through three phases, namely Code Freeze, Audit and Testnet, and Mainnet.

Version 4 launch will also be adjusted to the Ethereum Dencun upgrade, which is scheduled for March 13. This upgrade will reduce gas costs and increase Ethereum's scalability, which is a huge benefit for Uniswap and other DEX users. This upgrade has also pushed the price of ETH, which is currently trading at 2,933 US dollars (IDR 45.9 million), up 3% in the past week.