Launch of the ENS connection with Coinbase. Coinbase’s Ethereum Name Service (ENS) integration is enabled and converts wallet usernames to ENS subdomains of Coinbase IDs. Users can change their ENS names once a year and use them however they want, as long as they comply with Coinbase’s yet-to-be-announced subdomain rules. ENS or Ethereum Name Service is a distributed and scalable naming system based on the Ethereum blockchain. This protocol allows cryptocurrency addresses to have a human-readable extension – .eth. ENS is a decentralized identity infrastructure provider, and its integration allows Coinbase users to use a special decentralized form of identity in the Web3 space. To make the ENS transfer as fast as possible, Coinbase keeps new usernames offline temporarily. This exchange announced that it plans to create more diversity by combining them into a chain. Current Coinbase usernames are also built on the ENS infrastructure and are therefore a form of ENS. Usernames that belong to the Coinbase Domain Name System (CDS) have the suffix cb.id at the end of usernames. After ENS conversion, usernames will have a suffix of “.eth” at the end.
According to Coinbase’s announcement, ENS can be used by casual and professional users to send, receive and trade coins. Wallet accounts, on the other hand, can only send and receive using their ENS. According to the exchange, wallet transactions will be available soon. Germany and Japan are the only countries that do not support ENS. Also, ENS only supports a few crypto-to-fiat exchanges. Users can exchange their digital currency for dollars in the US and euros in the EU and UK. However, it cannot be converted into dollars in Europe and euros in America. ENS started working on 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 through the registered ENS controller, with the remaining 7.5% through OpenSea.