Since its launch, the total transaction volume is only 40,000 US dollars. How much is the Unisat domain name worth?

This is not the first Bitcoin-based domain name system.

撰文：Loopy Lu

On the last day of May, Unisat officially launched domain name transactions, supporting both .sat and .unisat domain names. This function, which has been circulated in the community for a long time, has finally officially met with users. This domain name asset based on the Bitcoin network has also become a "local hotspot" within the BTC ecosystem.

However, unlike BRC-20 and the previous fires of Bitcoin NFT, investors seem to be far less interested in trading domain name assets than before. Now that it has been online for a few days, how is its data performance, and is it worth planning?

Less than 500 trades, volume only $40,000

Up to now, the transaction records of Unisat market show that .sats domain name has a total of 398 transactions, and .unisat has a total of 55 transactions.

It has been on the line for 5 days, and this bleak figure has to arouse investors' concerns. Specific to turnover, it is even more sluggish. Taking the .sats domain name, which is more actively traded, as an example, Odaily Planet Daily found that after counting all transactions, the current total transaction value is only US$40,100, and 79% of the domain name transaction prices are below US$30.

And what about Ethereum's ENS transaction data? According to NFTGo data, the transaction amount of ENS during the same period was 92.55 ETH, or about 174,000 US dollars.

Of course, as a well-known and old-fashioned project, such a comparison of .sats domain names is not fair, but this data can also be used as a perspective for horizontal observation.

From the perspective of the supply side, there are currently 18,232 pending orders for .sats domain names in the market, which is 45 times the current total transaction volume.

However, this data does not have too much reference value. Due to the high degree of customization of domain names, there are a large number of long-tail domain names in various domain name assets of each chain for a long time, and it is difficult for these domain names to be traded at the end of their entire lifespan.

Currently, .sats, which is more actively traded, is a short-digit purely numeric domain name.

The Unisat market roughly divides domain names into 6 categories: pure numbers within 100, pure numbers within 1000, combinations of 1 letter and 1 number, 2 letters, 3 letters, and complex combinations.

Domain names are sold fairly, but the landing scenarios are limited

The Sats Names domain name system aims to build a bitcoin domain name ecosystem built by bitcoin users and fully developed on bitcoin.

According to the official documentation, since the domain name is stored on the Bitcoin network using Ordinals, all name states are stored on Bitcoin. From a narrative point of view, the domain name may be more "orthodox". The status of domain names can be obtained without additional databases or other networks, and any client can independently calculate the true status of all names.

A feature that is quite different from other domain name systems is that Sats Names does not have a smart contract that acts as an administrator, and there is no token economics, no pre-mining, no governance, and no incentives.

What's more interesting is that the domain name registration fee will be provided to Bitcoin miners, and the domain name issuer will not obtain income through domain name sales. This is also quite different from some common domain name projects.

This DNS is currently available in Nostr, or as a Lightning Network address.

The Bitcoin-themed domain name system is not the first to appear in the crypto world. There are currently two projects for the .btc domain name alone.

Previously, the Bitcoin smart contract platform Stacks had launched the .btc domain name. Stacks was launched as early as 2018. The project uses the PoX consensus to link the Stacks blockchain and Bitcoin, and empowers developers with smart contracts and computing capabilities on the Stacks network. The BTCDomain project also produced another .btc domain name system based on Ordinals. Odaily Planet Daily once wrote in "Bitcoin ecology in the hurricane, what stage has it developed?" "A brief introduction to the project was given in the article.

Different from the mainstream public chains, the BTC network dApp is not active, and the use of domain names is still quite limited. The decentralized Bitcoin network also makes the market more free and open. Some "semi-official" domain name services with the official background of the public chain do not exist on the Bitcoin network. Therefore, all domain name systems have almost equal opportunities, and we can predict that there may be more bitcoin domain name services joining the market competition in the future.

At present, the development of Bitcoin domain name is still in its early stage, and its infrastructure and use cases are not perfect. With the development of the Bitcoin ecosystem, where the domain name service will go, and which solution will occupy the domain name market of the Bitcoin network, it remains to be tested by time.