Analysis of Web3 Domain Development Trends

Web3 domain names serve as the cornerstone of decentralized identity authentication (DID), showing impressive performance against the backdrop of rising interest in the DID space, and exhibiting significant growth potential. The main development trends include:

1. The number of multi-chain deployments and multi-category suffix domain projects is increasing. Leading projects such as Unstoppable Domains and .bit have achieved multi-chain deployment, allowing users to access applications on multiple public chains through a unified domain name.

2. Deepen cooperation with DID applications such as social graphs and reputation platforms. Web3 domains intersect with social graphs and reputation platforms in areas such as identity verification and on-chain information display, enabling data synchronization.

3. The value of use is greater than speculation. In the long term, Web3 domain names will become users' identity credentials and unified accounts in Web3, truly realizing their practical value.

4. The competition landscape of domain names is becoming similar to that of public chains. Ethereum has a massive user base in its ecosystem, with Unstoppable Domains and ENS leading in registration numbers. However, multi-chain/all-chain domain projects like SPACE ID and .bit are expected to narrow the gap in the future.

Web3 domain names have a large user base and a strong demand for Web3 identity authentication, with broad prospects for future development. Competition among projects will revolve around multi-chain support, application ecosystem integration, and other aspects.