ENS continues to extend its partnership with Coinbase to make Web3 more accessible. The network is allowing Coinbase to make its ID usernames a free-to-claim Web3 username.
Any existing .eth user addresses can also be connected with the news names to build a new identity. The integration will facilitate smoother transactions by helping customers pick their Web3 usernames.
A few weeks ago, the Ethereum Name Service integration went live on Coinbase. The development enabled users to change their ENS names, allowing them to use them in any way.
The only conditions regarding the development are:-
- The names must comply with Coinbase’s terms and conditions
- Users can only change the names once a year
ENS is based on the Ethereum network as an extensible and distributed naming system. It allows cryptocurrency wallets’ addresses to possess readable extensions, like .eth. Its latest association with Coinbase makes this use case even more accessible.
Before the integration, usernames belonging to the CDS (Coinbase Domain Name System) only had the cb.id extension. However, the ENS implementation allows them to reform the usernames using .eth at the end.
ENS can now be used to trade, send, and receive coins by every user on Coinbase. On the other hand, wallet accounts can only receive or send coins using ENS. Coinbase has promised users to bring the trading feature to Coinbase wallet users.
Despite only starting to adopt Ethereum L2 support in January 2022, ENS has accumulated over 2 million names till now. Over 92% of these names were created through the ENS Registrar Controller, while the remaining ones were done on OpenSea.
Given its growing reputation and reach, the recent integration is expected to boost Coinbase’s functionality significantly.