Coinbase’s Ethereum Name Service (ENS) integration is live and changes the wallet username to the ENS subdomain of the Coinbase ID.
Users can change their ENS name once a year and use it in any way they choose, as long as it complies with Coinbase’s rules. Subdomain terms — not yet announced.
— Sean Murray | 3531.eth | OpenSean.eth (@financeguy74) August 23, 2022
ENS (Ethereum Name Service) is a decentralized and extensible naming system based on the Ethereum blockchain.of protocol You can give your crypto wallet address a human readable extension (.eth).
ENS is a decentralized identity infrastructure provider and its integration will enable Coinbase users to use personalized and decentralized identities within the Web3 space. To make the ENS migration as quick as possible, Coinbase will store the new usernames off-chain for the time being. The exchange said it plans to make them even more decentralized by carrying them on-chain.
The current Coinbase username is also a variant of ENS as it is built on top of the ENS infrastructure. Existing usernames that belong to the Coinbase Domain Name System (CDS) have a “cb.id” extension at the end of the username. After the ENS change, the username will have a “.eth” extension at the end.
According to Coinbase’s announcement, ENS will allow regular and professional users to send, receive, and trade coins. Wallet accounts, on the other hand, can only be sent and received using ENS.
According to the exchange, wallet trading will be available in the future.
Germany and Japan are the only countries that do not support ENS.
Additionally, ENS only supports a small number of crypto-to-fiat exchanges.Allows users to convert cryptocurrencies into dollars in the US and euros in the EU and UK
However, it cannot be exchanged into dollars in Europe and euros in the United States.
ENS reaches 2 million names
ENS has started work on adopting Ethereum Layer-2 support in January 2022.
As of August 18, 2 million ENS names have been created.
According to sales data, 92% of ENS sales were made through the ENS Registrar Controller, with the remaining 7.5% sold through OpenSea.