Reflective Statement: The Solana Name Service

The Solana Name Service (SNS) has officially made it to its 2nd birthday and even though in our world it feels much longer, it’s time to take a step back and celebrate. I imagine SNS having a baby body with a super wrinkly & old face. One that still has a lot of growing to do but at literal face value, you can see this baby has lived an eventful life.

Not too long ago Bonfida started pursuing the naming service, now known by many as that little “.sol” behind their name. At the time it was providing a simple solution of replacing wallet addresses with a name and fit well with our motto of  “delivering blockchain solutions”. Never did we think we’d be here today where most, if not all, of our attention is dedicated to developing SNS into the standard Web3 identity.

Where are we now?

Currently, SNS is widely integrated within the ecosystem; across all popular multi-chain and Solana wallets, toolings, explorers, NFT marketplaces, domain hosting platforms, the metaverse and SocialFi projects. This totaling 59 wonderful partners and a big step up from the 12 in 2021.

We have over 220K .sol domain names registered and more than 50K Twitter handles linked, making that a 79% and 118% growth rate respectively. Volumes soared with registrations reaching approximately 6.3 million USD and 1.3 million USD traded on the secondary market (36K secondary sales) in 2022. The highest resale remains ????.sol for 60,141 USD.

Altogether the statistics paint a very promising picture. We, like many projects, are at the forefront of large change. Yes, to some this is still uncomfortable but for those who embrace this awaits the inevitable “route to success”. We’re excited to be a pioneer in this space and deliver moving-parts that may never have been done before.

Where are we going?

Still, sending funds to a domain name, an identity if you may, blows my mind. Especially considering the present-day utility of Web2 domains and then we can go even further back to the difficulties surrounding traditional finance.

Anyhow, the point I am trying to make is that Web3 domains have long not reached their potential. Besides efficient fund transferring a few of the problems we aim to solve in the near future entail;

• Taking SNS crosschain. Ultimately, no matter where you find yourself in the crypto world your .sol should be usable
• Native browser support. Many reputable browsers are edging the completion of decentralized domain name integration. Hosting websites with your domain is a must
• Expanding the overall utility of subdomains. Frankly, subdomains are underrated! Brand identities, from NFTs, SocialFi and gaming should and will be able to leverage the expansive opportunities they have to offer. Our goal is to make sure this is easy & accessible
• Another shorter-term goal is penetrating more spheres where metaverse IDs are needed. Gaming is a good example. Think of your name as a central data collector that can be aggregated across all platforms you touch. Thus, there is no need to stress about sign-ins and in a greater scope reestablishing identity

The Solana Name Service Vision

Of course, broadening the reach amongst different ecosystems and increasing the utility of SNS is our main priority. Candidly, we see a future where .sol's will be more than something labeled as a domain and rather a commodity that can ultimately act as a digital passport. A passport that is not only secure but one that increases accessibility and composability in both the real and digital world. This while maintaining our nucleus of decentralization and trustlessness.

Final Note

We only have each and every one of you to thank for believing in and being a part of our journey. From every user that has bought a domain name to all the partners that have and continue to believe in us, we extend a heartfelt and humble hug to you. Your trust motivates us to be more than we were yesterday. The Solana Name Service is here to stay and soon we’ll turn this wrinkly-faced baby into a fully grown adult. We hope to impress you as you stay with us for this SNS journey.