Unstoppable Domains Users Save $100 Million in Fees on Polygon
What’s better than paying less fees? Paying $100 million less! That’s how much the users of Unstoppable Domains have saved in gas since the leading provider of domain names for Web 3.0 launched on Polygon.
Before the integration on the Polygon network in November 2021 had all but eliminated transaction fees on Unstoppable Domains, users could expect to pay up to $100 in gas to mint or transfer a domain. That helped open a floodgate of activity.
The Polygon network has been used to register over 550,000 names by more than 120,000 users, with the most popular domains being .nft, .crypto and .wallet, according to Dune Analytics. That compares with just shy of 340,000 names by almost 80,000 users on Ethereum.
The skyrocketing popularity of new applications in decentralized finance (DeFi) and non-fungible tokens (NFTs) on the Ethereum mainnet brought with it congestion, soaring fees and questions over environmental impact. In a world where sustainability comes with hard tradeoffs, Polygon’s solution for scaling Ethereum dramatically reduces the carbon footprint while also saving money for users. The proof of stake approach to mining used by the Polygon PoS network burns 99.95% less electricity than Ethereum, which has an energy bill on par with that of the Netherlands.
“Our goal is to make Web 3 accessible for everyone — not just the crypto-rich — and to do it in an environmentally sound way,” said Matthew Gould, founder and CEO of Unstoppable Domains. “By migrating to Polygon, we’re able to lower the barrier to entry for user-controlled identity by removing gas fees, while contributing to sustainability efforts and opening up the ecosystem to thousands more people.”
Read more: Why Eco-Friendly Projects Choose Polygon
Polygon’s combination of low fees, ease of development and green bona fides has attracted some of the biggest projects in Web3, from DeFi protocols such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Virtual worlds such as Decentraland and the Sandbox are also laying the groundwork for both the metaverse and gaming on the network. More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web3 platforms and developers.
Unstoppable Domains gives owners full control of their domain by creating them as NFTs in a process called minting. The names can also be used for payments on wallets and exchanges. By joining the Polygon ecosystem, that universe is expanded to include Coinbase Wallet, OpenSea, MyEtherWallet, and Aavegotchi. The teams are also working on building a deeper integration into the Polygon PoS developer toolkits.
“The early success of Unstoppable Domains’ Layer 2 integration proves that solutions like Polygon are the rocket fuel for Web3 adoption,” said Shreyansh Singh, head of Polygon Studios. “From NFTs to dapps and beyond, collaborations like this one allow us to reimagine what’s possible in terms of reducing costs and friction for end-users and scaling the blockchain ecosystem to new heights.”