On 20th September 2022, leading US crypto exchange Coinbase announced the alignment of Ethereum Name Service (ENS) to their offerings. The crypto exchange brought this in the wake of efforts to avail their customers to choose and replace easier usernames or addresses for their Coinbase crypto wallet.
Coinbase announced it through a post that contained more highlights. It mentioned distributing “name.cb.id” usernames to their customers to use to replace their usernames. Further, it also added those who are willing to use the feature, can do it through the browser extension of Coinbase Wallet.
The blog suggested that customers on the crypto exchange can claim for their new addresses on the platform using ENS. And they can use the same for their future transactions. Users then can easily operate transactions whether to send or receive crypto assets, while using their simplified usernames. Generally, these addresses consist of 42 alphanumeric characters that Coinbase is anticipating simplifying through ENS.
More use of usernames readable and understandable for humans could act as a step towards making Web 3-like emerging technology more user-friendly, Coinbase said. Such human readable usernames would play a crucial role to eliminate the anxiety that customers deal with during sending assets like crypto and non-fungible tokens (NFTs).
Ethereum Name Service (ENS) has paved a crucial milestone while simplifying the names and addresses within the crypto space. Most of its reported growth was seen during the time when crypto was going through a bear market.
In July last year, ENS registration saw a massive uptick of 200% with 126,141 registrations in a week. Following the bear market, gas fees on the Ethereum network saw a significant drop.
Founder of ENS, Nick Johnson said that the developers’ team did not believe in the potential of ENS and the value it had created in the later part of its launch. While talking about the core reason for a user to opt for ENS names is undoubtedly its ease to generate identities over decentralized platforms.
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