Ethereum Name Service Unveils Subdomain Feature
Name Wrapper And New Manager App Slated To Launch Soon
By: Tarang Khaitan •NFT News
Ethereum Name Service (ENS), the issuer of .eth domains, plans to release a major new feature which will enable holders to create subdomains with pre-specified parameters.
ENS’s name wrapper smart contract will convert existing ENS domains into ERC-1155 tokens, which can then be used to create subdomains.
For example, the holder of xyz.eth can create a subdomain called abc.xyz.eth, which can then be lent out to other users.
Users will also be able to set, grant or revoke permissions for the subdomains through a feature dubbed “Fuses.”
Fuses will come in two forms, with one allowing both the subdomain owner and the parent domain owner to set parameters. The other will only enable parent domain owners to set parameters. Fuses are permanent by design and only revert after the domain expires.
ENS users can also expect an updated manager app to launch alongside the name wrapper.
The team is currently running a bug bounty program for the name wrapper smart contract on the Goerli testnet. The program will end on March 9, and users who find a bug will be eligible to receive a reward from the 10 ETH prize pool.
Users who participated in the 2017 ENS auction now have the ability to reclaim their ETH using the Daylight tool.
According to an ENS developer, around 62,310 ETH, worth $98M at the time of writing, is currently held in the smart contract.
Bear Market Outperformance
During the 2022 bear market, ENS was one of the few NFT projects that managed to buck the trend, having witnessed explosive growth from users registering various desirable combinations of numbers and letters.
ENS registrations hit an all-time high of nearly 440,000 in September 2022.
Nearly 40,000 .eth domains were registered in February, and the protocol generated $2.2M in fees from registrations and renewals.
In the past 30 days, the 10K Club, which includes numerical domains from 1000 to 9999, generated 980 ETH in trading volume, according to data from ENS Vision.
ENS’s eponymous governance token is down almost7% in the past 30 days, compared to a 3% drop in ETH, according to The Defiant Terminal.