In the dynamic landscape of decentralized finance (DeFi), simplifying interactions and transactions is a constant pursuit. The Ethereum Name Service (ENS) plays a pivotal role by allowing users to associate human-readable domain names with cryptocurrency addresses on the Ethereum network. This not only replaces lengthy an complex addresses but also enhances the user experience by making transactions and interactions with decentralized applications (dApps) more accessible.

Introduction:

The ENS enables users to register domain names ending in ".eth" and link these names to their Ethereum accounts, offering a user-friendly alternative to alphanumeric addresses. An important feature of ENS is its resistance to censorship; user-owned domain names cannot be removed or censored by third parties.

In the DeFi Context

In the context of decentralized finance (DeFi), ENS can significantly improve the user experiece (UX). By providing easy-to-use domain names for interacting with DeFi platforms and services on the Ethereum network, users can associate ENS domain names with wallet addresses and smart contracts, enhancing usability and accessibility.

How I did it:

I accessed ENSdomains (app.ens.domains) and lined my wallet to the address I wanted to rename.

A field appeared where I could input the desired name to check its availability. Luckily, “lynnbrooke.eth” was available.

Subsequently, an interface displayed the current registration cost, factoring in gas fees, registration expenses for the chosen duration, estimated network fees, and the approximate total cost. It's crucial to highlight that the protocol advises that a longer registration period leads to greater gas savings. In my case, I opted for a 2-year registration.

After selecting the registration duration, a screen guided me through the steps for completing the registration, involving just two transactions:

• First, I initiated a transaction marking the beginning of a timer (60s). This timer helps prevent others from registering the name before you. The name isn't officially registered until you complete the second transaction. This initial transaction cost me approximately $3.

• Once the countdown concluded, the second transaction, the final domain registration, commenced. Completing this second transaction officially registered my domain on the Ethereum blockchain.

It's essential to emphasize that having enough gas for the transaction is necessary, but you also need additional gas to ensure the transaction's success. After several attempts, it worked for me with a total gas amounting to about $30 beyond the transaction cost (though only the total transaction cost was deducted later). To illustrate, if the transaction is like a 100 km journey, you should have enough gas for 150-200 km, or it won't be successful.

Conclusion: et voilà!

And there you have it—lynnbrooke.eth is now my ENS domain! I can now seamlessly use it as a memorable substitute for my alphanumeric address on the Ethereum network. This straightforward process through ENS not only enhances usability but also adds a personalized touch to the vast decentralized finance (DeFi) landscape. By embracing these intuitive tools, the journey through the Ethereum world becomes more accessible and efficient. Until the next transaction in the thrilling universe of DeFi!

Lynn Brooke

This article serves educational purposes and is not financial advice. We encourage you to do your own research and be responsible for your actions in the financial space.