Web3 domain race: The ice and fire faced by the leading ENS.

Original Title: "Web3 Domain Race: The Ice and Fire Faced by ENS, the Leader"

Original Author: Steven@THUBA Research Core

Original Source: DoraFactory

Web3 is not only compatible with blockchain and EVM, but also has a DID system that is oriented towards the entire Web3. This article will analyze the DID track from the following aspects.

Introduction: Characteristics and Application Scenarios of Web3 Domain Names

Current situation: Web3 domain market size, distribution, industry KSF and pain points.

Case study: How does the open-source decentralized identity protocol, .bit, challenge ENS?

Commentary: From the Web3 domain race to specific case innovations.

The author may hold assets related to the issuance of projects mentioned in the article, which creates a conflict of interest. This does not constitute any investment advice.

Web3 Domain Analysis

Here is a summary of the DID track by AnT Capital's Lin Chuan. Currently, the web3 projects can be divided into four layers, from upstream to downstream:

Credential Layer - Credential issuance, representing projects such as GALXE, Rabbithole, POAP, BrightID

Identity Layer - Aggregation protocol, representing projects such as KNN3, RSS3, Cyberconnect

Identity Management - Mainly divided into two categories: wallet and domain name, representing projects such as UNIPASS, ENS, LOOT, .bit

Application Layer - Projects are roughly divided into two categories:

Reputation and Relationship

Reputation: Reputation / Resume / Social Display. This type of application scenario focuses on evaluating and categorizing users by simplifying digital identities into explicit and trustworthy tags, in order to achieve a quick screening effect. For example: credit lending, job hunting, stranger socializing, etc.

Relationship: Narrative of DID's relationship-based application scenarios. These application scenarios focus on using digital identities as a cumulative representation of users' data in Web3 to perform more complex and comprehensive application analysis. For example: recommendation systems, social networking with acquaintances, Web3 games, DAO voting governance, etc.

What is Web3 domain?

Web3 domains generally refer to domain names with suffixes such as .eth, .bnb, nft, .wallet, etc., which are abbreviations of public chains or have strong Web3 features, and their main application scenarios are in the field of blockchain/Web3 domains. Ethereum's ENS is the most well-known and representative project in this field.

The concept of domain names originated in the early days of the internet industry. Initially, people accessed web pages directly through IP addresses. For example, if you enter "202.108.22.5" in the browser address bar, you can open the homepage of Baidu, because 202.108.22.5 is the IP address of Baidu. However, obviously, this string of numbers is not readable and difficult to remember. Therefore, early internet designers constructed the Domain Name System (DNS), which encapsulates numeric IP addresses with more readable domain names such as www.baidu.com, to facilitate daily use by people. Now, every internet user knows the concept of "web address", even though most of them do not know the underlying principles of IP addresses, DNS, etc., but this does not affect their experience on the internet.

The most intuitive value of Web3 domain names is similar to that of a user's "Web3 nickname". It is a wrapper for on-chain addresses, such as vitalik.eth, which is a wrapper for this Ethereum address: 0xd8da6bf26964af9d7eed9e03e53415d37aa96045.

Every Web3 user will hold at least one on-chain address, but no one would want to remember their own address, let alone someone else's. Domain names like vitalik.eth, 2089.bit, jack.bnb, etc. are obviously more readable and memorable than a long string of address characters, and better meet the needs of people's daily use. For example, if you need your friend to transfer money to you, you may have to find your on-chain address in your wallet or notebook and send it to your friend; but if you hold a domain name, such as vincent.eth, you can directly tell your friend to transfer money to this domain name.

From a technical perspective, the technical essence of a domain name is not complicated, it is simply a "mapping" of data relationships. Therefore, there can be multiple paths for its specific implementation: in Web2, all domain name registration and management are handled by ICANN located in California, USA, which is highly centralized and also subject to supervision by the US government; but in Web3, the most mainstream domain name implementation method is the on-chain smart contract represented by ENS, which casts each domain name into the form of an Ethereum NFT, allowing for free registration and trading without permission, and allowing users to set their own corresponding resolution addresses.

Web3 Domain Application Scenarios

There are four main application scenarios for domain names: domain name + dapp application, domain name + wallet, domain name + web2, and domain name ontology application.

Domain name + dapp application: The most direct application is to use the domain name directly as the account name for various Web3 related applications. In Web3, DApps can easily support users using a domain name as their account name due to wallet address login and on-chain resolution of domain names. And due to the uniqueness of domain names, as domain names support multiple chains, you can ensure that the same person is using the same domain name on Opensea (ETH) and Magic Eden (Solana). Even Web2 applications like Twitter and Jike can authenticate people who use their own NFT domain names as their usernames through plugins and other means.

Domain name + wallet: Supports searching for domain names when transferring funds, eliminating the need for users to remember the transfer address. For example, the leading wallet product Metamask has already implemented support for ENS domain name search. Furthermore, after integrating domain names and their various resolution relationships, the wallet can also display them. For example, displaying Web2 social platform relationships such as Twitter and Reddit associated with a domain name account, as well as credentials held by users in various DApps. Currently, there are also some wallet projects that focus on DID and have relevant explorations.

Domain name + web2: The domain name needs to be resolved directly in the browser and requires an application to ICANN, the Web2 domain management authority in the United States. Due to the fact that the connectivity of Web2 websites is not the core value of Web3 domains, and for various reasons mentioned above, there is currently no Web3 domain project that can achieve "direct Web3 domain as a website address". Through the unremitting exploration of Web3 community members, a more mature "curve-saving" solution has been formed: using Web3 domain names as second-level domains under top-level domains.

Although "vitalik.eth" cannot be directly entered and parsed in the browser, domain names such as "vitalik.eth.xyz" and "vitalik.eth.link" can be used. Readers can also try it out, for example, by entering "vitalik.eth.xyz" in the browser, you can see the ENS profile that Vitalik has generated by default; entering "vitalik.eth.link" will take you to Vitalik's personal homepage.

‍

Domain name application ontology: Identity management tool & social display homepage, that is, the DID attribute that the domain name has. With more and more applications and wallets supporting domain names, as well as Web2, the domain name application ontology will also carry more identity management functions. Specific examples include: setting the resolution target for each chain and Web2 platform, setting the address, format, and display information of the personal homepage, setting some private content or content that requires specific permissions to access, etc.

Web3 Domain Race Market Size

If we don't consider other revenue beyond domain registration fees, the TAM of the entire web3 domain track can be divided into: web3 user count x number of web3 domains owned by each user x annual subscription fee for each domain.

According to ConsenSys data, there are 20 million active Web3 users worldwide every month.

Due to the fact that a single user can register different numbers of domain names in different projects, according to ENS data, there are 594k users who own ENS, and the total number of ENS registrations is 2.76mm, with an average of 4.6 per user. It is conservatively estimated that each person registers an average of 3 Web3 domain names.

According to the calculation of $5 per domain name per year, registering a domain name on ENS requires a subscription fee of $5 per year. The registration fee for .bit is equal to the annual fee multiplied by the length of the registration period plus storage fees. The cheapest annual fee is $4.99 per year.

Potential market size = 20mm x 3 x 5$ = 300mm $, which is equivalent to 300 million US dollars annually.

The registration fee is only a part of the domain name project's direct income. In the future, as the development of the DID track, the domain name project, as an identity management service provider, can explore more different business models to increase revenue sources.

According to Nick Johnson, the Chief Developer of ENS, ENS achieved a record-breaking monthly revenue of over 8 million US dollars in May 2022.

Reference to the entire domain industry: In 2020, the global domain registration market size was 374 million, a year-on-year increase of 0.7%. The scale of China's domain registration market reached 43.08 million. According to Straits Research, the global domain registrar market size is expected to reach 1,025 billion US dollars by 2027, with a compound annual growth rate of 4.70%.

主要项目

translates to

Main Projects

in English.

Divide the current domain project into the following three categories: single-chain domain, multi-chain domain, and DNS replacement domain. The single-chain domain can be further refined as shown in the following figure:

1) Single Chain Domain Name

>> Public Chain Domain Name: Represented by ENS

The recognition of such projects is very high: they are all named after the abbreviation of the public chain, such as .eth, .sol, .avax, and all have official background or explicit support from the public chain. Their implementation logic and application scenarios are highly similar, just on different public chains. Therefore, to study such projects, it is only necessary to focus on ENS.

ENS is the top project in the Web3 domain name field. It was founded by Nick Johnson, a former software engineer at Google, in 2016. Initially, ENS was a side project authorized by the Ethereum Foundation, and later supported by the Ethereum Foundation to establish the ENS team. ENS has not received any external financing and has only accepted donations from institutions such as the Ethereum Foundation.

ENS was launched in May 2017 for testing and officially launched in May 2019. ENS has consistently ranked in the top ten in terms of trading volume on Opensea, with two trading peaks in November 2021 and April-May 2022. As of early November 2022, ENS has registered 2.62 million domain names, 573,000 registered users, and 508 ecological cooperation projects, all of which are significantly ahead of many similar projects. ENS conducted an airdrop and coin issuance in November 2021, and as of early November 2022, its fully diluted market value is approximately $1.5 billion.

ENS currently has no plans to directly expand to other public chains. The project's recent actions mainly focus on the connectivity of Web2 web pages, such as the second-level domain name web pages and their corresponding applications mentioned earlier. In addition, ENS is also working with Spruce ID to promote Sign-in with Ethereum (EIP-4361), a new login method that aims to achieve identity data connectivity. This is definitely worth paying attention to and looking forward to.

>> Web3 Domain Registrar: Represented by Unstoppable Domains

These types of projects often sell multiple suffixes of Web3 domain names, and these domain name suffixes are often highly related to Web3. The representative of these projects is Unstoppable Domains. These types of projects often sell multiple suffixes of Web3 domain names, and these domain name suffixes are often highly related to Web3. The representative of these projects is Unstoppable Domains.

Unstoppable Domains completed a $65 million financing in July this year, with a valuation of $1 billion, close to the level of ENS. It supports the registration of 9 domains including .crypto/.nft/.x/.wallet/.bitcoin/.dao/.888/.zil/.blockchain. It is worth mentioning that unlike most domain name projects that require annual renewal fees, Unstoppable has a permanent registration mechanism, so the fees for some rare domain names will be more expensive.

Unstoppable Domains' registration process is not fully on-chain like ENS. Instead, it follows a centralized registration management + on-chain NFT minting model. Users can register using Google login + credit card payment, and then mint NFTs on Polygon (except for .zil domains, which are minted on Zilliqa).

Regarding project development, Unstoppable Domains will also focus on the concept of "Web3 names". However, their actual product design and marketing efforts prioritize the user experience of Web2, as well as the interoperability between their domain names and Web2 websites.

Unstoppable Domains may not be particularly well-known in the Chinese community, but its overseas reputation and marketing efforts are very strong. Currently, the number of domain names registered by Unstoppable Domains has exceeded 2.7 million, and over 500 applications have integrated Unstoppable Domains.

>> Social domain name applications: represented by Linkkey

Projects like this may not have particularly innovative domain technology, but they focus more on innovation in gameplay - combining domains with social applications. Linkkey's SNS is a representative of this, hoping to use domains as a carrier to create "value social" in the Web3 field. According to the theory that "a person can only maintain deep social links with up to 150 people at the same time," each SNS user can issue an NFT symbolizing their own social value, and the market price determines the user's social value. Linkkey's token model design also has some new ideas. Its domain registration function and some product functions have been launched, and the complete product will be launched one after another at the end of this year and the beginning of next year. Interested friends can go to its official website to experience and learn more.

2) Multi-Chain Domain Name

NNS, .bit, and Space ID are the three main projects in this industry. They all emphasize the nature of "Web3 identity card" and "Web3 identity management" in their promotion and development, and have clear plans for multi-chain support. However, each of the three domain name projects has its own characteristics in how to implement "multi-chain support". Below, we will briefly introduce the NNS and Space ID projects, and .bit will be specifically introduced in the later part.

>> NNS

NNS is a domain name system with the .nft suffix launched by the project team of Metascan.pro (the parent company of Twitterscan). Currently, it mainly implements core functions such as registration and resolution on the Ethereum main chain.

The project team of Metascan will launch NNS contracts on other public chains (such as BSC) in the next few weeks, so that users can register and manage domain names with lower GAS fees. The NNS domain name system on different public chains is unified, and the specific implementation of this "unification" may involve the deployment of information cross-chain nodes and may also involve some forms of centralized management.

In theory, cross-chain domain name resolution doesn't feel complicated. As long as all domain name resolution information on all chains can be unified through cross-chain nodes, it can be achieved. However, in reality, when multiple public chains are involved at the same time, keeping the synchronization and real-time consistency of domain name registration information still faces many challenges in the current infrastructure of Web3. This is also why most domain name projects currently only support one public chain. How NNS specifically implements this cross-chain, its stability and degree of decentralization are worth paying attention to.

>> Space ID

Space ID has launched .bnb domain names on BSC. As for the nature of the domain name smart contract itself, it is highly similar to ENS and only supports connectivity and resolution of projects on BSC, without anything particularly special. However, Space ID plans to introduce a "namespace" to integrate domain name projects on various public chains, and even allow Web2 platform companies to issue their own domain name spaces. Instead of hoping that their domain name suffixes will become universal names in the Web3 field like .bit.

This namespace can be roughly understood as follows: if a person holds Solo.bnb on BSC, then in the namespace of Space ID, they will hold bnb:solo in the future; if they hold Solo.eth, then they will hold eth:solo in the namespace; even account names of Apple and Google can be transformed into forms such as apple:solo and google:solo in the namespace.

This vision is worth attention and anticipation, but the parts of Space ID that have already been launched have some gaps with this vision, which may require longer iterations.

Overall, although most Web3 domains consider identity management as a core narrative, once it comes to cross-chain interoperability of smart contract domains across multiple chains, complex technical details arise. Currently, the .bit multi-chain solution is the fastest to land in this area.

3) DNS Domain Replacement: Handshake, Namecoin

Due to the centralized management of Web2 ICANN domain names, many decentralization believers have expressed dissatisfaction. Therefore, some people are exploring the implementation of decentralized website domain name resolution. The main vision of these two projects is to serve as a supplement and replacement for the Web2 DNS system. Due to their different concepts, development directions, and significant differences from most Web3 domains, and the fact that they have not attracted much market attention recently, this article will not focus on them. Interested readers can explore them further on their own.

Industry KSF (Key Success Factors)

The author believes that the key success factors for web3 domain name projects include: support for multiple chains, a rich project ecosystem, and a scientific domain name registration mechanism.

Supports Multi-Chain

One of the core narratives of domain-based projects is their ability to serve as "Web3 universal names" with uniqueness within the public chain and even the entire Web3 system. If this uniqueness is compromised, the value of the entire domain will be damaged. Imagine if there are two .eth projects open for registration at the same time, and they both have their own cooperative applications. Which .eth domain project would you register for? If a friend gives you a domain name instead of an address as a transfer target, would you still need to ask if the domain project supported by your wallet is the same as the one registered by your friend? Obviously, this will bring great confusion to the identity system on the chain.

Intuitively, the issuance of domain name suffixes generally follows a "first come, first served" principle. The domain name project that first develops the corresponding business can obtain the control of the corresponding domain name project in advance. Later projects are more like imitations and should not be accepted by the mainstream community. For example, if the author now copies the ENS contract and issues a .eth domain name that is exactly the same on Ethereum, it is difficult to imagine what kind of user would pay to register the author's .eth domain name after knowing the details of both projects, without using fraudulent means such as phishing websites.

However, things are often not that simple, because the two projects may not be on the same public chain, and the "first/second" judgment of business development may not be clear, and the focus of the project's business may also be different, attracting different users at the start. Therefore, in the early stages, the consequences of this conflict are not obvious, and both projects can develop at the same time. So, how should the application project side solve the related cooperation and support issues?

One recent controversy in the domain industry worth noting is that Opensea delisted the .nft domain name issued by NNS (other trading platforms have not delisted it) because Opensea received a complaint from Unstoppable Domains. The latter publicly sold .nft domain names in the market before the former and has already registered the ".nft" trademark in Hong Kong. However, in fact, the .nft domain names issued by NNS and Unstoppable Domains are not on the same public chain, and their business focuses are also different, so they are not imitating each other or being imitated. From the perspective of trademark infringement, NNS also registered the " .nft" trademark in Japan, South Korea and other countries and regions earlier, so the rationality of Opensea's delisting of NNS is still open to question.

Therefore, there are currently two ways for the industry to solve this problem:

1) Cover as many public chains as possible for a single project to avoid more incidents like .nft.

2) Establish a Web3 domain alliance to coordinate the interests of various domain project parties.

In fact, on November 2, 2022, Unstoppable Domains announced the establishment of the Web3 Domain Alliance (W3DA) at the Web Summit in Lisbon. The current members include Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and Klaytn Name Service.

Enrich Project Ecosystem

The author believes that the Matthew effect in the Web3 domain name track is very strong, and a single user's wallet often only uses one domain name as their Web3 business card (excluding speculative purposes). In order to make the author believe that the Matthew effect in the Web3 domain name track is very strong, a single user's wallet often only uses one domain name as their Web3 business card (excluding speculative purposes).

In order to allow users to choose their own domain names, the project team needs to cooperate with upstream and downstream partners as much as possible to promote and enrich their project ecosystem. Upstream involves aggregation protocols, wallets, etc., while downstream is more about different scenarios of Dapps and even Web2 applications. If the domain name can be used in different projects, it can better help users achieve identity management.

The long-term development of the domain name project, in my opinion, depends mainly on the development of the Web3 application ecosystem, especially the development of Web3 social projects. Because it is difficult for the domain name project itself to bring fundamental large-scale increments to the entire field through the promotion of applications and wallet account names alone; only the vigorous development of application projects can highlight the importance of the account name system and identity management system associated with domain names, and demonstrate the value of domain names themselves. However, before this, the domain name project must be well prepared to avoid finding that its core functions such as identity management, cross-chain solutions, and Web2 URL connectivity are still not mature enough when the real application wave comes. In addition, it is also a possible development path for the domain name project to develop social applications by itself or to develop a login system similar to a wallet.

Scientific Domain Registration Mechanism

According to statistics, due to the scarcity, ease of memory, and strong potential brand value of short numeric and short English domain names, domain name transactions are currently concentrated in these areas, and users have a strong speculative nature. This will to some extent affect the entry of KOL and large brand owners, because once their domain names are registered by other speculators, they will need to spend a higher price to buy them, and domain name projects require the endorsement and promotion of KOL and large brand owners to attract more ordinary users to join. Whenever a new domain name project appears, there will always be users with a certain speculative mentality who will register a large number of three or four-digit numeric domain names in advance, and the project team is also aware of this. Some project teams will explicitly increase the registration fee for short domain names during registration, while others will reserve short domain names and use them as a special commodity reserved for relevant brand owners.

When choosing a domain name project, users should also conduct more detailed investigations and pay more attention to the actual progress of its application scenarios, including the number and quality of application projects that support the domain name, the realization progress and possibility of the vision described by the project party (such as social display, multi-chain interoperability, Web2 webpage support, etc.).

Industry Pain Points

The main pain point is the aforementioned conflict of suffix domain names. After all, creating a smart contract similar to ENS and issuing an NFT for a domain name suffix to the public is an almost barrier-free task. Secondly, domain names are not a necessity for current Web3 users and have a strong speculative nature. The number of users who truly regard domain names as Web3 business cards is limited. Even if a user does not purchase any Web3 domain names, it does not affect their normal Web3 application experience. Even if they lose the Web3 domain name they purchased, their perception is limited unless they have used this domain name extensively for their social accounts (like the author's use of stevensu.eth).

.bit Project Analysis

.bit project is a Dapp running on the Nervos public chain, using CKB Token for settlement. Its development and user acceptance are to some extent subject to the development of the Nervos ecosystem and user acceptance of CKB Token. The main data is as follows: the number of registered accounts is 246,000 (about 9% of ENS), and the number of users is 83,000 (about 14% of ENS).

Project Highlights

.bit's biggest difference from other projects is cross-chain compatibility. It can support any public chain address, thanks to its reliance on the highly scalable and abstract Nervos CKB network. As a result, almost any public chain can be compatible with .bit without any modifications. Currently, .bit has cross-chain support for Ethereum, Tron, BNB Chain, and Polygon, which means you can register your .bit on any of these four public chains. All you need to do is keep your private key safe on that public chain.

.bit plans to add support for various common public chains in the future, including Bitcoin, Dogecoin, Polkadot, Dfinity, Solana, Filecoin, Cardano, NEM, Monero, Flow, NEAR, Litecoin, Nervos, Terra, Celo, Dash, Cosmos, and more.

.bit not only supports public chains that can run smart contracts, but also supports public chains like Bitcoin and Dogecoin that do not support smart contracts. This is a feat that is difficult or even impossible to achieve in similar products.

.bit accounts are universal, and you can resolve any public chain information on this account.

.bit supports the parsing of identity addresses and blockchain addresses on Web2, among other information. After parsing, you no longer need to remember your lengthy address, simply provide your .bit account and the other party can view all of your relevant information.

.bit is not only a DID account, but also a cross-chain asset aggregator. By owning a .bit account, you automatically have access to .bit.host and .bit.cc. For example, if you own 0xfather.bit, you also own 0xfather.bit.host and 0xfather.bit.cc, which you can use to view your public chain assets. In addition, .bit has integrated NFT, POAP, .bit accounts, and public chain addresses, making it a unique identity card for cross-chain and cross-resource ownership.

.bit's second highlight is its full support for decentralized services. Currently, .bit can be registered not only on the official did.id, but also through service providers such as DeName (China), mybit.jp (Japan), COCH (Indonesia), and das.la. Because .bit's smart contract allows third-party interaction, service providers can independently create related registration or data services by calling .bit's smart contract data resources, which is not currently possible with products like ENS that lack this decentralized support. .bit's third highlight is its sub-account function. The sub-account function is based on the .bit account, and .bit account holders can create sub-accounts for their account at extremely low cost. The sub-account function is no different from the parent account and will exist as an independent account once created.

For example, assuming that Jay Chou holds the jay.bit account, he can create sub-accounts such as jay#fans001.bit and jay#fans002.bit and distribute them to his fans. Sub-accounts have the same functions as parent accounts, but the pricing of sub-accounts is determined by the parent account. For example, jay.bit can decide how much to sell jay#fans001.bit for, effectively managing the speculation and abuse of sub-accounts. At the same time, sub-accounts can renew the parent account to ensure its security. This gameplay is somewhat similar to SBT, which is currently more popular.

The sub-account function can be said to be the first innovative function in the entire industry. It is foreseeable that the launch of the sub-account function will provide certain assistance to the management of DAO organizations, the NFT community, and the creation of IP brands.

Currently in beta version, you can apply for experience.

Future Development

The official website lists two upcoming features:

1) Aggregating user activity information on the chain seems to be an attempt to enter the race of on-chain information aggregation.

2) End-to-end encrypted communication between friends, enhancing the social aspect of the product.

Business Model

Income source: the annual fee for domain registration and the interest generated by storage deposits.

The price list for domain registration annual fees is as follows:

.bit stores account information on the Nervos CKB chain, which requires a certain amount of on-chain storage space and therefore requires a storage deposit to be paid. The fixed storage fee for each account is 206 CKB. If a user's account expires and is not renewed, the deposit will be returned to the owner's address at the time of expiration. This deposit may generate some interest income for the project.

Token

经济

The project has not yet issued any tokens.

Financing History & Investment Parties

On June 21, 2021, the cross-chain decentralized domain/account system DAS (formerly known as .bit) completed its seed round of financing, led by HashKey and SNZ, with other investors including SevenX, Nervos Foundation, etc. On August 15, 2022, it announced the completion of a $13 million Series A financing round, with CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ leading the investment.

Summary and Evaluation

Regarding the DID track, the mainstream investment perspective in the market is to prioritize applications over protocols, with a focus on user needs. Specifically, the priority is: identity management > application scenarios > credential issuance > (non-user-facing) identity aggregation protocol.

Project of identity management tools: prioritizing wallet and domain name projects. From the ultimate form of DID, both occupy a very core position.

Application scenario projects: As mentioned earlier, more opportunities arise from the native application needs of Web3, rather than replicating Web2 products. Web3-based credential recruitment, NFT-based interest socializing/dating, etc., all belong to this kind of irreplaceable Web3 scenario.

Credential issuance projects: For the credential issuance tools/platforms, there may be 1-2 general projects and several corresponding tools for specific application scenarios. If specific credential issuance projects can provide high-value credentials, they are also worth paying attention to.

Due to the fact that .bit currently 1) is not supported by mainstream wallets such as Metamask and Coinbase, 2) the number of dapps that support displaying domain names is limited, and 3) registration can be done without paying with CKB, but binding requires a CKB deposit, the author has temporarily not bound a .bit domain name.

.bit is one of the few multi-chain domain name projects that can compete with ENS in the web3 domain name category. Although the number of domain name registrations and users of .bit is currently only about 1/10 of ENS, it is actively exploring differentiation competition with ENS in areas such as sub-accounts, on-chain information aggregation, and social networking.

.bit, as a startup company that has been established for less than two years and has just completed its Series A financing, is worth continued attention from an investment perspective.

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