The Ethereum Name Service hype was seen re-building up during the initial days of July. A host of off-beat domain names—right from numerical, to Non-Roman character names in Arabic and Chinese—were sold for quite high amounts. Taking advantage of the same ENS hype, Coinbase has joined the bandwagon too.
The exchange has worked with the name service provider to offer Web3 usernames. The same essentially uses the ENS infrastructure and is an ENS domain variant by itself. As such, the name will represent users’ public key addresses of their respective Coinbase wallets.
At the beginning of the month, the low Ethereum gas fee had prompted the ENS season. However, on most other days, a substantially high gas fee is required to be paid to acquire an ENS name on the Ethereum blockchain. The same has hindered the adoption path to some extent and streamlined the number of users.
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So, to solve the said issue, Coinbase joined hands with Ethereum Name Service to offer usernames for free to its users. The exchange has purchased top-level domains on ENS and intends to distribute free subdomains to users who do not want to incur high gas fee costs.
Coinbase : ENS :: Chalk : Cheese?
Usually, ENS domain names comprise text with a ‘.eth’ at the end. Coinbase’s web3 usernames are similar. The only difference is that they end with ‘.cb.id’. Notably, both the formats [.id and .eth] are supported by ENS. The latter, however, is more native to the ENS system and is currently more mainstream.
Coinbase’s research found that new crypto users with no previous exposure to ENS would tend to make a false assumption that the “.eth” domain only works for Ethereum transactions. So, the exchange decided to make the initial launch “.id” centric. However, it plans to offer subdomains ending in .eth in the future.
How to set the ENS domain name as the primary exchange wallet username?
Users who already own a “.eth” domain address will soon be able to choose between the Coinbase subdomain and their existing ENS name as the primary username for the Coinbase wallet. Getting a Coinbase subdomain will not impact users’ future ability to set another ENS as the primary name. They’ll just have an extra option to pick from.
It is quite simple to set the L1 ENS domain name as the primary Coinbase wallet username. To do so, follow the given steps:
- Navigate to the setting tab to select the primary name
- Pick the ENS name you want to use as your default for the Coinbase Wallet username
- The same will only affect the default name showing on the wallet header and will not alter the addresses or metadata stored in the ENS
Coinbase, however, noted that the said feature hasn’t yet been launched, but is “coming soon.”