2025-08-30
In 2024, Hong Kong HashKey Exchange announced the launch of a global trading platform domain name H.xyz, marking the transition of Web3 domain names from technical experiments to large-scale applications. As of Q2 2024, the registration volume of ENS (Ethereum Domain Name Service) exceeded 3 million, with a daily resolution volume exceeding 1.20 million times. This verifies the core value of Web3 domain names as distributed identifiers - implementing a trust system of "readable address is identity" through blockchain technology.
Web3 domain names achieve decentralized resolution through smart contracts. Taking ENS as an example, users pay registration fees through ETH (such as short domain names starting at 0.01 ETH), and registration information is stored in the form of NFTs on the Ethereum blockchain. After the cross-chain gateway of HashKey Exchange accesses the ENS protocol, users can directly use "user.eth" to complete cross-chain asset transfers. In 2024, more than 42,000 related transactions will be processed, and the confirmation time for each transaction will be compressed to within 5 seconds.
Web3 domain name breaks through the single-chain restriction and realizes cross-chain identity unification. For example, Unstoppable Domains supports the binding of multi-chain addresses such as ETH, BTC, SOL, etc. with the ".crypto" domain name. The wallet system of HashKey Exchange integrates the multi-chain domain name resolution module. Users can manage cross-chain assets through a single domain name. In 2024, the amount of cross-chain transactions processed will exceed $210 million, and the asset aggregation efficiency will be improved by 300%.
Web3 domain names support dynamic binding of additional information. For example, users can write links to Web2 accounts such as Twitter and GitHub in the ENS domain name to form "on-chain digital business cards". The KYT system of HashKey Exchange, combined with domain metadata, intercepted 1,763 transactions involving sanctioned addresses in 2024, while ensuring that sensitive user data is not leaked through differential privacy technology.
Web3 domain names are directly associated with digital assets. Users can receive ETH, NFT and other assets through "user.eth", avoiding the risk of incorrect input of 42-digit hash addresses. HashKey Exchange's NFT trading platform supports domain name association with ERC-721 assets. In 2024, the processing amount of NFT transactions will exceed $180 million, realizing the value closed loop of "identity as asset".
Zero-knowledge proof technology enables domain name verification without exposing sensitive information. For example, when a user proves to hold a certain NFT, only mathematical proof needs to be generated instead of displaying specific assets. HashKey Exchange's cold wallet adopts a 2-of-3 multi-signature scheme, and key operations require authorization from at least two private key holders. In 2024, it intercepted more than 3,200 phishing attacks.
Web3 domain names have become a balance point between regulation and innovation. For example, BSN's network-wide distributed domain name service binds domain names to DID (decentralized identity) and supports on-chain compliance data traceability. After HashKey Exchange is integrated into the system, it will process more than 42,000 compliance transactions in 2024, and the transaction processing speed will increase to 3000 transactions per second.
Web3 domain names have become the core interaction pattern of DeFi protocols. Users can directly access protocols such as Uniswap and Aave through "user.eth" without having to enter addresses repeatedly. The compliance framework of HashKey Exchange integrates European Union MiCA and US SEC rules, reducing DeFi transaction compliance costs by 40%.
Web3 domain names give products a unique digital identity. For example, Malu grapes associate planting and transportation data through DID, and consumers can scan the code to view the full process traceability information. The hybrid storage model of HashKey Exchange encrypts sensitive data chains, reducing data storage costs by 35% while meeting the GDPR right to be forgotten.
Web3 domain name combined with stablecoin realizes real-time cross-border settlement. Users complete cross-border remittances through "user.crypto", and the processing time is shortened from 3-5 days to real-time, and the handling fee is reduced by 70%. After HashKey Exchange is connected to BSN (blockchain service network), the cross-border stablecoin exchange volume will increase by 300% in 2024.
The essence of Web3 domain name is "digital identity autonomy" through Technology Implementation. From the global domain name strategy of HashKey Exchange to the large-scale application of ENS, the industry is moving from "address mapping" to "value aggregation". Users need to be vigilant: platforms that are not connected to the KYT system or have not passed the System and Organization Controls may lead to asset traceability risks due to compliance blind spots. In the future, with the breakthrough of Quantum Computing and neural symbol system, Web3 domain name may drive the Internet into a new era of "Identity as a Service".