MetaMask, the popular wallet Web3 used in the Ethereum (ETH) ecosystem and other networks, it integrated the domain and identity protocol, Space ID, on October 21. This partnership allows MetaMask users to personalize their domain names and use those unique identities to transfer cryptocurrency.
Instead of using alphanumeric addresses, Space ID allows register and manage domain names of the style “name.eth”. The ending “.eth” indicates that it is an address of the mainnet (main network) of Ethereum. However, this tool is transferable to other networks, such as BNB Smart Chain (“.bnb”) or Arbitrum One (“.arb”), among others.
However, registering a unique domain in this protocol for MetaMask is not free. In fact, it requires an annual payment which, in some cases, is $5.
To access this service, users must connect the Space ID protocol with their wallet from MetaMask from the site that Space ID designated to it.
Once the Space ID plugin for MetaMask is installed, within the wallet digitally it will be possible to find users who have already registered a public domain.
It will also be possible to create and link that unique domain to the exchange decentralized (DEX) PancakeSwap (“.cake”). On this platform, users can exchange tokens directly from your wallets without needing to depend on a exchange centralized (CEX) like Binance, for example.
A custom domain allows you to establish a recognizable identity within the PancakeSwap ecosystem and other decentralized platforms (dApps). This can be useful not only for traders, but also for projects that want to consolidate their presence and create a brand within the world of decentralized finance (DeFi).
According to the release of the Web3 Space ID naming services protocol, this integration provides the feature of compatibility between some networks compatible with the Ethereum Virtual Machine (EVM), such as BNB Smart Chain, Arbitrum, Manta Mainnet, AI Layer, among others.
This means that domains registered with Space ID can be assigned and used on these EVM-compatible networks. In this way, a .bnb or .eth domain can be used on different networks without needing to register a new domain and different for each network.
Thus, users will be able to search for these unique identities when transferring digital assets instead of copying and pasting long email addresses. wallets of random alphanumeric characters.
Although the usual procedure is not to write character after character until the alphanumeric address is completed, but rather “copy and paste” commands are used, using a more “human readable” name could speed up transfers by using easily remembered domains.
In this way, a new MetaMask integration aims to offer greater ease when transferring cryptocurrencies between users.
At the beginning of October 2024, CriptoNoticias reported three new updates to the wallet digital self-custody aimed at improving the experience of its users.
The creation of a unique domain has an initial value of 5 dollars
ANDUnique domain registration in Space ID is an annualized payment service. The price varies depending on the length of the domain.
At the time CriptoNoticias tested this tool, obtaining a .eth domain, such as “fz0.eth”, would require paying 0.24 ETH per year, which would be equivalent to around $630 (the site is offering a 10% discount).
In contrast, a longer domain, such as “calistip.eth”, costs 0.0019 ETH ($5 annually at the time of this article).
In this regard, it could be interpreted that shorter domain names, such as “fz0.eth”, tend to be more valuable because they are more easy to remember and more desired by users. Domains with a single letter or very few characters are usually more in demand to the detriment of the longest and most difficult to remember.
Carrying out this same procedure on the networks Arbitrum and BNB Smart Chain, the same pattern is observed.
For example, on BNB Smart Chain, the annual cost for a short domain like “fx1.bnb” is 1 BNB ($595 at the time of writing). On the other hand, a longer one, like “calistip.bnb” would cost 0.0084 BNB ($5 at the time of this article) per year.
Another disadvantage of this service is that as more users create a unique domain, it will be increasingly arduous find a domain that suits the needs of each user.
For example, according to the Space ID site, there are already more than 1,600,000 .eth domains. Therefore, as this number increases, you will have to be more “resourceful” or access a domain that may not meet that user’s wishes.
Ultimately, it is also possible to purchase a domain from another user. In this case, the prices are set by the users themselves and their price ranges from 1 ETH to 20 ETH (approximately $52,000).
