More payment assets for buying .eth & make treasure great again

Hello ENS community!

I was curious about why doesn’t can I register my new .eth domain and pay for it with WBTC/DAI/LUSD/LINK/AAVE/OHM/UNI/etc and finally my sweet ENS?
Are there any technical issues that prevent this from happening? Or is it just a pure core team’s decision to go with ETH only? And what can we do as DAO participants in order to make it happen?

What I suggest:
Discuss here following involving nick.eth & brantly.eth and create a list of assets (first wave) available as a payment method (assuming it will be flexible & expandable and controlled by DAO).

How I see this feature can help protocol and ENS community.
First of all it’s treasure diversification in terms of risk control. Right now it’s following: 79% ENS and 21% ETH. Having other assets like WBTC, some stables and blue chips helps not only on the way up (some assets often outperform ETH) but on the way down (some assets take a punch better than ETH).
Secondly, it helps make treasure more flexible and productive. Having that much in ETH & ENS closes doors to some B2B DeFi opportunities and plays (let’s be honest, not that much you can do with these two) and if your treasure doesn’t work - it’s not cool anymore. Make treasure wide asset-wise and put it to work: some as LP, some as collateral, some just stake into protocols to collect part of revenue. The possibilities are endless pretty much.
Also, there’s can be some discount for .eth domain registration if you pay with ENS (why not?). xxxxxxx.eth buyers get cheaper domains, ENS holders get more buying pressure and community gets more ENS tokens to delegate them to agents of choice.

In the modern system should not be such limits as one payment method. We are web3, aren’t we?

Engage. Discuss. Propose your alternatives. I seek to hear your opinion.

For me, first and foremost, ENS is a token for voting. It should have no monitory value and not have a use other than voting. I would not be in support for it being used as a currency to even purchase an ENS domain. For it to remain faithful to its core purpose, I think it must remain a vote only coin.

For other currencies, I can see why we’d want to allow them in the future, but how would we write the token to the Ethereum blockchain? Would we have to convert something like BTC to ETH on the fly? It sounds like a lot of work when someone can just convert their coin to ETH or buy a small amount for this purchase.

I’m not against allowing more tokens to make the purchase. I just don’t see how it would work while ENS lives on layer 1. Perhaps someone more technical with contracts could propose a solution that remains seamless and easy for end users.

Appreciate your opinion.
Just want to clarify a few things:

It should have no monitory value and not have a use other than voting

In the new complex & dynamic economy this shouldn’t be a thing anymore. And by fact cannot be and isn’t. Every token on Ethereum (any other) blockchain has monetary meaning by default. So saying something like this (token XXX should not have any monetary value and have only one purpose) is wrong by nature. I just (and someone here: ENS Registration Fees) try to expand its monetary meaning even further to align with freeness and beauty of web3.

As for other currencies.

but how would we write the token to the Ethereum blockchain? Would we have to convert something like BTC to ETH on the fly

No, that’s not needed. Every new payment currency will go straight forward to the treasure wallet without any conversion in the same way ETH is going to the treasure currently. If I want to pay with WBTC - it should be an issue: WBTC (as ERC20 token) goes to treasury and ETH goes to mines/being burned (as always). ENS DAO treasury gets diversified portfolio, miners get fees and I get less headache (and don’t loose money) by not swaping WBTC to ETH beforehand. Everyone’s happy.

Use uniswap to convert a token into eth and buy a .eth domain.

I’d rather have the limited resources of ENS used to further product development over adding more payment options.

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Use uniswap to convert a token into eth and buy a .eth domain.

please see

also

I’d rather have the limited resources of ENS used to further product development over adding more payment options

more payment options == further product development

@mitsuki_xyz Might be worth your time to read through The Mythical Man-Month wikipedia link

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A few thoughts:

  • Diversifying the treasury is probably an important topic to address at some point. However, we certainly do not need to change payment options to diversify the treasury. In fact, changing the payment options is unlikely to result in the optimal treasury diversity anyway.
  • While not opposed to additional payment options it does not feel like a high priority initiative to me given that ETH is so ubiquitous in the crypto ecosystem. This could perhaps be added to the IT dev backlog but my guess is it would fall near the bottom of priority.
  • Lowering gas fees (utilizing layer 2 or other approaches) seems of much higher priority when it comes to payments. I believe there is already work being done in this area.
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