Uniswap, a renowned Decentralized Finance (DeFi) platform within the Ethereum ecosystem, has initiated the deployment of user-friendly addresses by leveraging the Ethereum Name Service (ENS). This innovative feature transforms the standard sixteen-character Ethereum addresses into easily recognizable names, thereby streamlining interactions within the Web3 space. To facilitate this transition, users can secure their unique uni.eth subdomains at no cost directly through the Uniswap mobile application.
A Leap Forward for User Convenience
The new service by Uniswap aims to provide users with personalized names without incurring any transaction fees, thanks to an off-chain resolver contract. ENS subdomains function akin to those on conventional websites, allowing for the organization of multiple ENS identities under an established ENS domain.
An ENS domain holder, using uni.eth as an example, has the capability to generate a plethora of subdomains under their primary ENS domain, provided it remains active. These subdomains are managed by the main ENS domain’s owner and can point to various internet addresses, Ethereum wallets, or additional resources.
Impactful Integration for Uniswap
Uniswap’s integration of ENS continues its development of services utilizing off-chain resolvers, similar to projects like OptiNames on the Layer-2 Optimism network. The platform, which is a widely recognized automated market maker, conducts asset trades through liquidity pools, diverging from the traditional direct match of buyers and sellers via order books.
As one of the most utilized decentralized exchanges, Uniswap has recently reported an impressive trading volume surpassing $1.5 billion within a 24-hour timeframe. In addition, since October 2023, Uniswap Labs has introduced a 0.15% trading fee for its front-end interface, accruing a notable $5.9 million in total according to The Block Data Dashboard.