NEO Name Service Sees Users Register Over 10,000 .Neo Domains in Its First Month

The NEO Name Service (NNS) decentralized application, launched by a China-based community of open-source developers called NewEconoLabs, has seen NEO users register over 10,000 .neo domains in its first month.

According to NeoNewsToday, auctions for .neo domain names, which are set to replace long public key strings attached to users’ wallets, opened on October 9 when NEO Name Service launched its mainnet.

Since then, over 10,000 .neo domains have been registered through the project’s website, which means over 18,000 GAS ($97,000) have been spent on the platform. Some of these spent tokens, the report adds, are set to be distributed to holders of the service’s native token, called Neo Name Credits (NNC).

NewEconoLabs’ founder Liu Yongpxin, when reached for comment by the news outlet, stated:

The number of domain names started is more than 10,000 in a few days after its MainNet launch. Currently, it is the most used DApp on NEO.

Some of the most expensive domains sold on the platform include wallet.neo, which went for 1,035 GAS ($5,580), crypto.neo, which was sold for 1,026 GAS ($5,550), and google.neo, which was sold for 318 GAS ($1,720).

NEO Name Service’s .neo addresses are currently supported by Japan-based cryptocurrency wallet provider O3 Labs, which supports a few popular NEO DApps, including exchanges and other services.

The platform’s success has seen it become the number one decentralized application (DApp) on the NEO network, which means its above decentralized cryptocurrency exchange Switcheo.

Switcheo, as CryptoGlobe covered, is set to become the first trading platform that allows users to both trade NEO’s NEP-5 tokens and Ethereum’s ERC-20 tokens. It has 37 active trading pairs,  and saw over $36,000 worth of tokens trade hands on it in the last 24-hour period.

The platform was launched after it raised $8.5 million through an initial coin offering (ICO), in which its developers promised to devise a framework for implementing cross-chain functionality. It’s also set to accept QTUM’s QRC-20 tokens.

NEO, according to CryptoCompare data, is currently trading at about $17 after falling roughly 0.12% in the last 24-hour period. The cryptocurrency lost most of its value this year, after falling from a $188 high.