Hello Polygon, goodbye gas fees!
Today we’re thrilled to announce that after months of careful research and consideration, Unstoppable Domains will soon be moving to Polygon as our scaling solution. This will allow us to make our Web3 domains free to mint and manage on Polygon starting on November 15th, 2021 with $0 gas fees for transactions on Polygon.
This decision brings us one step closer to fulfilling our mission to onboard three billion people to the decentralized web by making Web3 Domains more accessible for everyone. We’ve long believed that NFTs should be about ownership, not subscriptions, and accessible for all, which is why we’ve never charged our customers renewal fees for their domains. Soon, all gas fees for Unstoppable Domains users will also be covered on Polygon’s full-stack scaling solution. This means that Unstoppable Domains customers will be able to buy and make updates to their Web3 Domains without having to pay mint fees, renewal fees, and gas fees on Polygon.
When picking a technology to build on top of, we consider two primary things - the cost of transactions and how easy it is for apps to support. Both are important for a successful naming system. With fees 1000x cheaper than Ethereum and wide support from wallets, dapps, and exchanges, we believe that building on Polygon will provide an even better experience for our users moving forward.
By using Polygon instead of Ethereum, the average user will save $165+ in gas fees per year, per domain (assuming you do 10 transactions per year on your domain using average gas prices for 2020). And if the price of Ethereum and Ethereum gas goes up higher you’d potentially save even more.
Setting the Stage for a Whole New World of Web3 Domains
While the removal of gas fees may seem like a small (but welcome) update for our customers, the implications for Web3 Domains is tremendous.
By removing the transactional costs involved in hosting and managing Web3 Domains, a whole new set of capabilities suddenly becomes possible. In the near future, customers will be able to connect multiple wallets to their domains for payment, host and display decentralized websites (blogs, NFT galleries, etc) without having to worry about paying gas fees. Developers will be able to design and create new templates, with increased complexity and functionality, without the concern that users might not be able to afford using them. And with our newly announced product, Login with Unstoppable, Web3 Domains become a viable alternative to existing web2 single sign-ons. This is just the start.
We believe the future of Web3 Domains and web3 is brighter than ever. While it took us much longer to get here than we had hoped or anticipated, we are confident Polygon will help us bring that future forward.
Why we picked Polygon
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, commit chains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 1000+ applications hosted, ~600M total transactions processed, ~100M unique addresses, and $5B+ in assets secured.
As part of this integration, new and existing users will be able to mint and manage their Ethereum-based unminted domains for free on Polygon and existing users will be able to move their minted domains from Zilliqa and Ethereum to Polygon as well if they so choose. Users will also benefit from access to Polygons' growing ecosystem of more than 700+ wallets, exchanges, and dapps including Coinbase Wallet, OpenSea, MyEtherWallet, Huobi Wallet, imToken, Aavegotchi, and others.
Polygon apps will resolve domains by reading smart contracts that are on Polygon. In addition, the Polygon team will be adding Unstoppable Domains resolution to their API and Matic.js library, so it will be easy for Polygon apps to use domains for payments in wallets and user logins.
When this is happening (4 phases)
Starting on November 15th, Unstoppable Domains will be rolling out the new cheaper domain system on Polygon. The rollout to Polygon will be broken out into 4 phases: first minting domains, then managing them, then bridging Zilliqa and Ethereum assets.
Before the end of the year, users will be able to mint domains, manage them, and set up decentralized websites - all for free! As part of this change, all of the integrated "apps" will have to update their resolution libraries or API endpoints in order to be able to read and resolve Web3 Domains on Polygon. We're going to make this as easy as possible for everyone; however, until such updates occur, domains minted on Polygon may not resolve in all wallets and exchanges and we cannot guarantee a specific timeline for each app as it's at the discretion of each individual product and engineering organization.
Thank you to the community
We know this update has taken longer than we had originally anticipated and we appreciate our community's patience and support. We’re confident that Polygon is the right choice for our customers. Making Web3 Domains more accessible for everyone is an important first step to bringing about greater adoption and we look forward to working with the community to build the future of web3.