Telos Name Service has unveiled its website and more information about its Web3 identity domains. The NFT based domains can be attached to a user profile, and domain holders can send and receive crypto with a unique and memorable .tlos name, which can include a profile, avatar, and social links.
Web3 domain names are NFTs or essentially digital certificates of authenticity. Users can also trade these on NFT marketplaces. They gained much attention at the end of 2021 as Ethereum Name Service, a similar service on the Ethereum blockchain, airdropped handsome rewards to ENS Web3 domain name holders, sparking rumors other Web3 domain services may follow suit.
Telos Web3 domains
A Web3 domain represents an address on a blockchain, and the lure for Web3 users is simple. For example, if one crypto user wants to send some tokens to another person, they require a wallet address for this transaction. Just as bank account details are required to perform a similar action with fiat money.
For the receiver to say, “send it to winner.tlos” rather than memorizing or reading out a 42 character code is just far more accessible. In many ways, Web3 domain names are trying to bring a more streamlined user experience to crypto and smooth the onboarding experience.
Additionally, holders can add unlimited subdomains for businesses, family members, and more. At the same time, companies can use them to represent a secure and branded payment gateway. Dapp builders can Integrate Telos Domains into their dapps, wallets, and Web3.0 projects, making dapps more user-friendly and providing users with a better overall user experience.
Dapps on Telos
DappRadar currently tracks 19 dapps on the native Telos blockchain across several categories, including DeFi, Games, Social, and NFTs. Additionally, tracking five dapps on Telos EVM, the solidity programming language compatible chain that runs parallel and hosts some of Telos’ leading DeFi dapps.
One of the leading dapps on Telos is APPICS, a social media platform that lets users turn their activity and likes into revenue. Touted as the easiest way to get rewarded with crypto for sharing pictures and videos, the application attracts around 2,500 active wallets per month. It rewards users in APX for their contributions.
OmniDex is Telos EVM’s leading DeFi application offering up token swaps, yield farming, and liquidity provision and currently holds around $5.2 million in Total Value Locked and attracts approximately 2,000 active wallets per month.
The Telos dapp ecosystem is growing and gaining traction in areas other chains are not addressing, such as social media. APPICS is rewarding users for content, while Zeptagram, a platform that rewards artists and music lovers for their creative expression and dedication to music, is also finding traction.
Arguably, web3 domains will form a critical part of the user experience moving forward and even more so for dapps with a social or more personable element. One thing brutally highlighted by the crash in crypto prices is investors’ need to stay ahead of the curve and catch the next big thing in a space that evolves at lightning speeds. Web domains, while not a new concept, are indeed rising to the top as a potential investment and a way to personalize one’s own Web3 experience.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.
