Hi, everyone! We’ve been enthusiastic users of ENS and wanted to spotlight a use case that could greatly enhance the user experience. Excited to delve deeper into this discussion!]
At Ditto Network, we actually have a live platform for automations with ±5000 users and more than $4m in transactions.
Provide the way for the ens user to set up automation for auto renewal via ditto. It is required that the funds used to renew the domain are used to gain yield. This way automation creates an additional value for the end user.
- Initial Setup: Users with an ENS domain visit Ditto and create a vault where they deposit funds.
- Fund Deployment: Users either establish a new yield-bearing position or import an existing one, designating this as the funding source (‘tank’) for renewal. This includes the flexibility to utilize assets from other blockchains.
- Cross-Chain Integration: The platform’s cross-chain liquidity management module allows the use of funds from multiple networks, adding to the flexibility and efficiency of the system.
- Automation Configuration: Users set their preferred renewal deadline and deploy stateful automation.
- Automated Renewal Process: When the user-defined deadline approaches, the automation triggers. It converts the necessary amount from the yield-bearing position into Ether, automatically renewing the ENS domain. This process is seamless and requires no manual intervention.
1. Efficient Fund Usage: Funds are continuously invested in yield-generating positions (like Lido stakedEther or liquidity positions) up to the renewal point, enhancing financial efficiency.
2. Automated Renewal: The system automates ENS domain renewals by allocating a portion of the investment yield, reducing manual effort and ensuring timely renewals.
3. Cost Reduction: Using investment yields for renewals effectively lowers the overall cost of domain maintenance.
Flexible Options: Offers versatility in fund management, allowing users to choose from various yield-bearing positions or strategies like Delta Neutral according to their preference. Moreover cause of our cross chain liquidity management module it is possible to power up automation with the funds from other (even multiple) networks.
User Convenience: Ensures peace of mind with a set-and-forget model, freeing users from the need to monitor renewals.
Sounds like a great idea! What are you looking for in order to make it work?
Hey Nick, thanks for getting back to us. We’re actually seeking additional support from the ENS community:
- Guidance and feedback on the proposal
- Clarification on certain aspects if it would be possible to integrate
- Financial support would be greatly appreciated as we’ve been self-funded so far as a project
By the way, there’s a brief YouTube review by Ceazor about our closed beta product: https://www.youtube.com/watch?v=8PNLypzX-5o
For those who would like to test our closed beta (https://app.dittonetwork.io/) - please find below some access codes:
Just watched the video. This is a really interesting concept . I’ve previously spent a lot of time looking into autorenewals.
Some random thoughts… personally I stay away from DeFi, and I suspect that if less technical users wanted ENS autorenewals this offering might look on the face of it somewhat overwhelming. I’m also not sure that users would want to register their names in one place and then have to move to a different UI to set up autorenewals. Have you considered this?
Thanks for the feedback. In general, we agree, but it might also make sense to let users figure out the most optimal way to interact. Of course, the experience should be super simple, ideally just a few clicks, and ideally in the form of an embedded solution via a widget or as a reference to another interface.
Where is your demonstration? Your website seems to be lacking a live product. How have you obtained 5000 users? What do you mean about $4m? is there contracts and a ledger to look at? @DittoNetwork
What I am gathering is: You want to be a ENS renewal manager and use those pool funds for investments and keep the profits?
We’re currently in a closed beta phase, and you can gain access using the invite codes I provided or simply watch a review on YouTube if that’s more convenient for you. When I mentioned 5000 users, I was referring to the number of wallets that interacted with our smart contracts. You can find the addresses of the deployed factory smart contracts by following this link.
Regarding the $4 million turnover mentioned, it represents the actual transactions made using our smart contracts - everything is on-chain, and easily verifiable.
As for the ENS Renewal module, we’ve proposed an enhancement to improve the user experience, as many users have shown interest in such automations. We’re open to various formats for this solution, whether an embedded widget or a separate website. Additionally, we’d greatly appreciate financial support from ENS, as we’re a relatively small, self-funded team with limited resources. @accessor.eth
can you provide the addresses involved for the ledger that describes your mentions? I am not interested in watching a YouTube, I would prefer to see the transactions that your smart contracts have made to produce the $4 million, turnover–?
How are you approaching your embedded solution? As in, what coding frameworks are you implementing. Why is your project a closed beta phase? How did you attract so much traffic at this phase? @DittoNetwork
We’re referring to the turnover, which occurred across Polygon POS, Arbitrum, Avalanche, and BNB. We’ve shared the link to our smart contract factory for easy tracking of on-chain activities.
Regarding the coding framework, it’s a good question, and we’re seeking feedback to determine its optimal use for both users and ENS. We have a few preliminary solutions but want to hear community’s feedback first.
Regarding our closed beta, we’ve established partnerships with Polygon, OKX, ZetaChain, and collaborated with several DAOs, which has led to active user engagement. Our plan is to launch a public beta later this week after ensuring everything operates smoothly in advance.
Could anyone kindly advise us on the process for applying for ENS support, including co-marketing and grant opportunities?
Awesome, can you share some live sample contracts? @DittoNetwork
We have already provided all links. Please find again.
On separate note, we would highly thankful for any concrete feedback from users in a way how we could improve the concept for the renewal functionality.
Please provide EOAs of contract addresses and we can begin to review the on-chain activity with your application you built. Being able to see the transactions through an EVM explorer is helpful. @DittoNetwork