Point of Contact: Harrison Seletsky, TG: @spaceid_harrison, email: [[email protected]]
Proposal Summary
We propose that Hop integrates Web3 domain names into the Hop platform across a variety of your supported chains. This integration will enable seamless and user-friendly interactions between decentralized applications and blockchain addresses by utilizing Web3 domain names as aliases for complex and hard-to-remember addresses, reducing the possibility of error and making it easier for multi-chain users to interact.
Rationale for Web3 Domain Name Integration
Web3 domain names play a pivotal role in enhancing the user experience and promoting mass adoption of decentralized applications. By associating user-friendly and human-readable domain names instead of just complex and randomized 0x blockchain wallet addresses, we can significantly reduce user errors and increase user trust in the ecosystem, simplifying processes along the way.
Several reasons support the integration of Web3 domain names into the Hop platform:
Enhanced User Experience: Web3 domain names provide a familiar browsing experience similar to traditional internet domains, email addresses, or user names, making it easier for users to interact with dApps without the need to manage long hexadecimal addresses.
Usability and Accessibility: Integrating Web3 domain names like .eth, .bnb, .arb, and .lens into Hop will open up the platform to a broader audience, including non-technical users, by eliminating the technical barriers associated with handling cryptographic addresses. It also makes it easier to determine the correct wallet to use across different networks, as many users operate with a variety of wallets within dapps.
Seamless Multi-Chain Interactions: Web3 domain names can serve as unique and unified identifiers across multiple blockchains, enabling users to bridge their assets effortlessly through the Hop platform.
About SPACE ID
SPACE ID is building a universal name service network with a one-stop identity platform to discover, register, trade, and manage Web3 domains. It also includes a Web3 Name SDK & API for developers across blockchains and provides a multi-chain name service for everyone to easily build and create a Web3 identity.
You can find more information on SPACE ID here: SPACE ID (ID) | Binance Research
Motivation
The integration of Web3 domain names aligns well with Hopās mission to provide a seamless, secure, and efficient cross-chain bridging experience. By enhancing user experience and removing friction in cross-chain asset transfers, Hop can attract more users (from both inside and outside of the SPACE ID ecosystem), increase trading volumes, and reinforce its position as a cross-chain DeFi protocol.
Proposed Collaboration with SPACE ID
As a leader and Pioneer in the decentralized identity and domain name space, SPACE ID is a natural partner for collaboration on this endeavor, especially when considering our multi-chain capabilities, which is vital for cross-chain bridging applications. We seek to work closely with the Hop team and community to ensure seamless integration of differing Web3 domain names into the Hop platform. Our partnership will bring mutual benefits to both projects and foster growth within the DeFi ecosystem.
Potential Risks and Mitigation:
With hundreds of integrations across different blockchains and sectors, there is little to no risk in supporting and integrating domain name ecosystems into Hop Protocol.
Community Input: We will actively engage the Hop community and seek feedback throughout the integration process to address any concerns or potential issues promptly.
Grant Potential for Hop:
SPACE ID offers a grant program that Hop can qualify for following integration. We can walk the community and team through the application process to make sure a grant is received for this integration.
grant info: SPACE ID Grant Program - SPACE ID | Developer Docs
Conclusion
By integrating Web3 domain names into the Hop platform, we will unlock a new level of accessibility and usability for decentralized finance. This proposal represents a significant opportunity for Hop to differentiate itself, expand its user base, and further solidify its position as a leader in the DeFi space. We look forward to collaborating with Hop community to make this integration a resounding success.
Note: The technical details and specific implementation approach for the Web3 domain name integration will be further elaborated upon in collaboration with SPACE ID and the Hop team/community during the development process.