On November 17th, KEY3.id’s DID protocol launched a permanently free .did domain early bird event, with more than 10,000 users participating online. Within 24 hours, the on-chain gas fee consumption surpassed ENS, resulting in a 50% growth rate for .did domain holders. At present, the number of KEY3.id community members has exceeded 60,000 in the first week.
KEY3.id has reportedly partnered up with BitKeep Wallet, iToken Wallet, Bybit, KuCoin Wallet, Coinhub Wallet, ONTO Wallet, Assure Wallet, Element.market and other industry leading wallets, DeFi, exchanges. DAO organizations, NFT communities and more to build a network for the .did domain.
The .did domain is permanently free, de-factionalized, supporting cross chain, having a fair distribution scheme and has the support of top-level partners. The .did domain also has distinctive competitive advantage compared to other DID projects, where the current mainstream domain names from the public chains such as .eth, .bnb, .sol etc., are incompatible with each other and form fragmented user groups. At the same time, they also require an expensive renewal fee for ownership, therefore hinders new users to enter Web.
KEY3.id also has opted for a fair distribution scheme for premium domains. Unlike most projects that are flooded with click farmers or hacker projects, KEY3.id only allows 1 address to mint 1 .did domain in the early bird phase, which greatly avoids the problem of premium domains being swiped away or the speculations of leaving the project team with priorities. Based on the fact that DIDs are still predominantly speculative, KEY3.id has reserved some domain names and will continue to allocate them to users who have contributed to the community through airdrops and auction.
Kory Pak, CEO of KEY3.id said:” It has been a difficult time unlike any other. We still have decided to launch the KEY3.id project under the challenges of the bear market. Our community’s active participation in the early bird event has given us great confidence. We want to initiate a new phase of permanently free DID ownership, providing users with a low barrier to DID ownership experience, breaking the circle and attracting more users to enter Web3. We hope that our initial intention of providing permanently free and fair ownership will bring more convenience to more Web3 users.”
Pak continued, being free doesn’t mean a lack of business model. KEY3.id has reserved some of its short domains with less than 5 digits and can be purchased through auctions, the proceeds will be used to build the project in the long run. KEY3.id will also be launching a luxury domain project in the near future.
KEY3.id will also launch its official public mint at 20:00 (UTC+8) on November 18th, and Kory Pak thinks that it might be a historic day for the DID industry to go completely free.
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