Crypto Tag: Ethereum

Have you heard of “.eth” domains? In the Web3 world, these are the cool domains that let you turn your wallet address into something like “yourname.eth.” Recently, buying ETH domains has become much more convenient.

In the Past, Only ENS Official Was Available

Not long ago, if you wanted a “.eth” domain, you had to go to the official ENS (Ethereum Name Service) site (ens.domains).

You needed to connect your wallet and pay gas fees in ETH, which was a high hurdle for Web3 beginners. Honestly, it was a bit intimidating for me at first, too.

Now You Can Buy on Unstoppable Domains Too

But things have changed. Now, you can buy “.eth” domains on Unstoppable Domains as well.

This is a game-changer, because:

• You can pay with credit cards or PayPal
• Google Pay and Apple Pay are also accepted
• The management dashboard is user-friendly, and you can manage other Web3 domains (like .nft or .crypto) together
• Automatic renewal can be done with just one click

In other words, even people who don’t own crypto can easily get started with “.eth” domains.

More Payment Chains, Much More Convenient

Unstoppable Domains now lets you pay not just with Ethereum, but also with Polygon and Base chains.

Polygon and Base offer extremely low gas fees. While using Ethereum may cost several dollars in gas, Polygon is almost free, and Base is very fast.

If you hesitated before because of high gas fees, now you can try without worry.

Great Expectations for the Future of Web3 Domains

• You can now buy ETH domains on Unstoppable Domains
• Multiple payment methods are available
• You can choose your payment chain
• Domain management is easier than ever

Web3 domains are becoming more and more convenient. If you previously thought it was too complicated, now is truly the easiest time to get your own “.eth” domain.

Points to Note About Domain Management

There’s one thing to keep in mind about managing your domain.

When you buy a domain from Unstoppable Domains, it’s initially stored in a “Custody Wallet” managed by Unstoppable. This makes settings and renewals very simple, as Unstoppable handles many tasks for you.

However, if you want to manage everything yourself, you can transfer the domain to your own self-custody wallet. For .eth domains, after you transfer to your own wallet, you’ll need to use the ENS official site or similar tools to manage and renew your domain yourself.

In this case, Unstoppable will no longer handle auto-renewal or provide support, so be aware of that.

Summary

Previously, you could only buy “.eth” domains on the ENS official site, but now you can also get them on Unstoppable Domains, with more payment options and chains. It’s highly recommended for anyone looking to get started with Web3.

Why not take this opportunity to get your own “.eth” domain?

To bridge your $DEGEN tokens from the Base blockchain to the Degen Chain, you need to use the official Degen Bridge. Here’s a step-by-step guide:

1. Go to the Degen Bridge:
   Visit the official bridge interface at [bridge.degen.tips].
2. Connect Your Wallet:
   Click “Connect Wallet” and select your preferred wallet (such as MetaMask or Enkrypt). Make sure your wallet is set to the Base network.
3. Select Tokens and Network:
   • Choose Base as the source network.
   • Select $DEGEN as the token you want to bridge.
   • Enter the amount of $DEGEN you wish to bridge to Degen Chain.
4. Approve and Confirm the Transaction:
   • You may need to first “Approve” the $DEGEN token for bridging.
   • After approval, confirm the bridge transaction. Your wallet will prompt you to sign and pay the gas fee.
5. Switch to Degen Chain:
   Once the transaction is complete, switch your wallet network to Degen Chain. If you haven’t added Degen Chain to your wallet, the bridge interface may prompt you to do so, or you can add it manually using the correct RPC details.
6. Check Your Balance:
   • After bridging, your $DEGEN will appear on the Degen Chain.
   • You can verify your balance using your wallet or by checking your address on the Degen Chain explorer (explorer.degen.tips).

Note:

• Bridging is typically fast, but delays can occur. If you experience issues, check your transaction on a block explorer and consult support if needed.
• Always use the official bridge and double-check URLs to avoid scams.

Summary Table: Bridging $DEGEN from Base to Degen Chain

Step	Action
1. Go to Bridge	Visit bridge.degen.tips
2. Connect Wallet	Connect and select Base network
3. Select Token	Choose $DEGEN and enter amount
4. Approve/Confirm	Approve token, confirm bridge, pay gas fee
5. Switch Network	Switch wallet to Degen Chain (add network if needed)
6. Check Balance	Verify $DEGEN on Degen Chain via wallet or explorer.degen.tips

This process allows you to move your $DEGEN from Base to Degen Chain, enabling you to use it for gas and dApps on the Layer 3 network.

Ethereum Layer 2 (L2) refers to technologies designed to enhance scalability and cost efficiency, becoming a central part of the Ethereum ecosystem. Below is a detailed explanation.

Purpose and Features of Layer 2

• Improved Scalability:
  As Ethereum usage grows, issues like slower processing speeds and rising gas fees become prominent. L2 addresses these by processing transactions outside the Ethereum mainnet (Layer 1), improving efficiency.
• Low Costs and High-Speed Processing:
  L2 can handle thousands of transactions per second while significantly reducing gas fees, making it particularly effective for high-frequency use cases like DeFi and NFTs.
• Integration with Layer 1:
  L2 relies on Layer 1 for security, enabling scalability without compromising safety.

Major Layer 2 Solutions

• Optimistic Rollups:
  Batch-process transactions and assume validity unless challenged during a “challenge period.” They are simpler to develop but slower due to the waiting period.
• ZK Rollups (Zero-Knowledge Rollups):
  Use cryptographic proofs to compress transaction data and send it securely to Layer 1. They are faster and more secure than Optimistic Rollups but harder to develop.
• Plasma:
  Processes transactions on child chains, recording only the results on Layer 1. However, it is less popular compared to Rollups.
• State Channels:
  Enable off-chain transactions with only the final result recorded on Layer 1. While efficient for specific use cases, they lack general versatility.

Current State and Challenges

• Current State:
  Projects like Arbitrum, Optimism, and zkSync are actively operational, significantly boosting Ethereum’s transaction capacity.
• Challenges:
  L2 technology is still evolving. Improvements in user experience (UX), wallet integration, security measures, and interoperability between different L2 solutions are critical areas for development.

Future Prospects

L2 is seen as a key technology driving Ethereum’s growth. ZK Rollups, in particular, are considered next-generation solutions with increasing investment. Beyond DeFi and NFTs, L2 is likely to expand into gaming, metaverse applications, and more.

Conclusion:
Layer 2 serves as an optimal solution for Ethereum’s scalability challenges. Its evolution is expected to broaden the possibilities of blockchain technology as a whole.

The Ethereum Merge, which took place on September 15, 2022, marked a significant transition for the Ethereum network from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) system. This change was primarily aimed at reducing Ethereum’s energy consumption and setting the stage for future scalability improvements. However, it did not directly address the issue of gas fees, which are the transaction costs on the Ethereum network.Here are some reasons why gas prices did not decrease after the Merge:

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Ethereum, like many blockchain networks, is designed to be decentralized, but the degree of decentralization can vary based on several factors. Let’s explore what contributes to the perception of centralization in Ethereum:

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Storing tokens on Ethereum involves using a digital wallet that supports Ethereum and its token standards, such as ERC-20 and ERC-721. Here’s a step-by-step guide to help you store tokens securely:

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When it comes to decentralized exchanges (DEXs) for Ethereum, there are several popular options that are widely recommended due to their security, user experience, and liquidity. Here are some of the top DEXs for Ethereum:

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MetaMask is a popular cryptocurrency wallet and gateway to blockchain applications, particularly those built on the Ethereum network. It is widely used for managing digital assets, interacting with decentralized applications (dApps), and participating in decentralized finance (DeFi) activities. Here’s an overview of its key features and functionalities:

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I think it’s high-stakes. If you’re looking for high-stakes, then it’s a good choice. However, if your goal is simply to distribute NFTs, I would recommend using Polygon.