Introduction
We propose the integration of the SPACE ID API into the Venus Protocol, enabling support for decentralized domain names such as .eth (ENS), .bnb, and .arb. This integration will not only facilitate decentralized identity usability on Venus, but also extend the protocol’s reach across multiple blockchain ecosystems by supporting the Ethereum Name Service (ENS), the BNB Chain Name Service (.bnb), and the Arbitrum Name Service (.arb), and their combined 1 million domain name holders.
SPACE ID is a leading provider and aggregator of domain name services, offering multi-chain compatibility and native support for EVM and non-EVM based decentralized identities. This integration will allow Venus to seamlessly incorporate decentralized identities across Ethereum, BNB Chain, and Arbitrum through a single API. Users will be able to leverage and utilize their existing domain names as digital identities within the platform, enhancing both security and the overall user experience within the Venus ecosystem.
Rationale
- ● Enhanced User Experience: By integrating decentralized identities, users can associate their .eth, .bnb, and .arb domain names with their Venus accounts, simplifying wallet interactions and making transactions more intuitive, secure, and straightforward. This reduces the reliance on complex alphanumeric wallet addresses, streamlining the overall user experience.
- ● Multi-Chain Compatibility: SPACE ID’s support for multiple domain systems allows Venus to cater to users across Ethereum, BNB Chain, and Arbitrum, thereby expanding your user base and increasing protocol adoption across different chains.
- ● Brand Awareness and Growth: Co-marketing opportunities with SPACE ID will expose Venus to a larger audience, including over 1 million domain name holders and our extensive social media following (~800k Twitter followers and ~430k Discord members). This partnership can drive significant traffic and engagement to Venus, fostering usage and brand recognition within the broader DeFi community.
- ● Resource Efficiency: To ensure that the integration is as seamless as possible for the Venus team, the SPACE ID development team can handle the GitHub pull request (PR) if needed. This means the Venus team will not need to allocate any additional development resources, allowing for a smooth, efficient, and cost-effective implementation.
Details
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Integration with SPACE ID API:
○ Implement the SPACE ID API within the Venus platform to enable support for .eth, .bnb, and .arb domain names.
○ Ensure seamless usability across these decentralized identities and Venus’ existing infrastructure, allowing users to utilize their domain names whenever connecting their wallet to Venus. -
Feature Implementation:
- ○ Users can utilize their domain names within Venus, enabling identity-based interactions within the platform.
- ○ Display domain names in place of wallet addresses where applicable (e.g., in transaction histories, user profiles, etc.).
- Co-Marketing Initiatives:
- ○ Launch a joint marketing campaign with SPACE ID to promote the integration, targeting SPACE ID’s extensive user base.
- ○ Offer promotional incentives such as free domain name gift cards for Venus users and the broader Venus community.
- ○ The option to host community events (e.g., AMAs, questing campaigns, and educational campaigns) to educate users about the benefits of decentralized identities and how to leverage them on Venus, as well as introduce the SPACE ID community to Venus’ decentralized lending platform.
- Development Support:
○ The SPACE ID development team can manage the GitHub pull request (PR) necessary for the integration if requested, minimizing the need for Venus to allocate additional development resources. This ensures a smooth and efficient process without taxing the Venus team.
Benefits to the Venus Community
- ● Increased Adoption: The integration of decentralized identities is likely to attract new users that hold domain names on Ethereum, BNB Chain, and Arbitrum, increasing the overall adoption and liquidity of Venus.
- ● Improved User Experience: Simplifying the user experience by replacing complex wallet addresses with human-readable domain names will improve the overall user experience within Venus.
- ● Enhanced Ecosystem Synergies: By collaborating with SPACE ID, Venus will strengthen its position within the broader DeFi and Web3 ecosystems, opening doors to future user bases, integrations, and partnerships.
- ● Resource Efficiency: The SPACE ID team’s offer to handle the development work ensures that Venus can benefit from this integration without dedicating internal resources, making it a low-cost, high-value enhancement, bringing requested domain services to the platform.
Conclusion
Integrating the SPACE ID API and supporting decentralized identities like .eth, .bnb, and .arb within the Venus Protocol will enhance user experience, expand your user base, and increase brand awareness through strategic co-marketing efforts. The offer from the SPACE ID dev team to handle the technical integration further strengthens the case for this proposal by minimizing resource demands on the Venus team.
