Successful Auction of Arbitrum Ecological Domain Name Service ARB ID in Phase 1
On February 19, it was reported that the auction of the first phase (Phase1) of Arbitrum Ecological Domain Name Service ARB ID was over, and the second phase (…
On February 19, it was reported that the auction of the first phase (Phase1) of Arbitrum Ecological Domain Name Service ARB ID was over, and the second phase (Phase2) would be opened at 2:00pm (22:00 Beijing time) on February 20. According to official data, the auction premium of 10712 domain names in ARB ID Phase1 is 183.59 ETHs. The auction premium will be fully distributed to all participants in Stage 1 and Stage 2. If the user has not won any auction, the quota will still be valid in Phase 2.
The auction of the first stage of the domain name service ARB ID is over, and the second stage will be opened at 22:00 tomorrow
Interpretation of the news:
Arbitrum Ecological Domain Name Service (EDNS) ARB ID has recently concluded its Phase 1 auction successfully, and the second phase is set to begin on February 20 at 2:00 pm. As per official data, the auction premium of 10712 domain names in Phase 1 is 183.59 ETHs, which will be distributed equally among all the participants of Phase 1 and Phase 2 auctions.
The successful auction of Arbitrum EDNS in Phase 1 indicates the market’s faith and confidence in the technology and platform’s capabilities. Ethereum Name Service (ENS) and Handshake provided the inspiration for the comprehensive EDNS of Arbitrum, which aims to develop a distributed naming system that operates on a different but complementary technical framework than the present Domain Name System (DNS).
The platform aims to deliver safety, reliability, scalability, and functionality while mitigating security hazards and maximizing decentralization. The Arbitrum EDNS developers created ARB ID to offer human-readable names to the IPFS hashes and other cryptographic hashes used on the Arbitrum One platform to reference smart contracts or other on-chain features, making it easier for network participants to interact with the ecosystem.
Although the successful completion of Phase 1 is an exciting achievement for the project and its supporters, the bidding process for phase 2 is expected to be much more competitive. As the number of bidders in phase 1 was limited, participants in Phase 2 may face a more extensive pool of potential competitors vying for the same ARB IDs. Participants who were unsuccessful in Phase 1 are permitted to use their failed bids in Phase 2, implying that their bids will be carried over, allowing them to continue competing in the bidding process.
In conclusion, the successful completion of Phase 1 of the ARB ID auction indicates the growing demand for a comprehensive ecological domain name service that aims to ensure safety, reliability, scalability, and functionality. The second phase promises to be more competitive, so it will be interesting to observe how the bidding process unfolds in the coming days.
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