In Brief
Unstoppable Domains has launched a new custody solution called UD Parking.
UD Parking is a private vault for domain owners to store their web3 domains.
Users holding their web3 domains in Unstoppable’s custody will have to transfer them to UD Parking or their own self-custodial wallets by April 10.
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Unstoppable Domains has launched a new custody solution called UD Parking, which allows domain owners to store their web3 domains in a private vault created specially for them.
With UD Parking, users can claim their domains on-chain and verify their ownership of their domains. The private keys to the vault are encrypted, and users have the option to transfer their domains from UD Parking to a self-custodial wallet at any time.
UD Parking was created for new web3 users who have yet to set up a crypto wallet for storage as well as users who prefer not to take custody of their domains. The new custody solution is also created for crypto-native users who might not want to store their web3 identity data with other crypto assets, especially if they have a large portfolio.
Sergii Iurevych, Engineering Manager at Unstoppable Domain, wrote in the blog post announcing UD Parking that keeping domains separate from other crypto assets reduces the risk of hackers stealing or making unauthorized changes to users’ domains.
Users who already store their domains in a self-custodial wallet can continue doing so, but those who hold their web3 domains in Unstoppable’s custody will have to transfer them to UD Parking or their own self-custodial wallets by Apr 10 at 12 pm UTC.
When a domain is parked with UD Parking, users will not be able to update domain records like setting an ETH wallet address or updating their profile picture. Unstoppable is currently working on the ability to freely transfer a domain between wallets and UD Parking so that users can transfer it out, update domain records, and then park it back with Unstoppable.
UD Parking costs $4 per year for each domain under $100 and $10 per year for each domain $100 and up. Interested users can sign up for a seven-day free trial.
Outside of launching its own proprietary solutions, Unstoppable Domains has been securing web3 partnerships over the past few months. These include a partnership with Ready Player Me to connect avatars to users’ digital identities; another one with NFT.com to enable users to buy their own digital identities directly from the platform; and one with Opera to make Unstoppable’s domain name endings accessible on the Opera browser and wallet.
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