Adjustment of Domain Pricing
Read this post in: 한국어
Greeting from the KNS Team. As per our previous announcement, domain pricing will be changed as effective of 0AM UTC, January 1, 2023.
The adjustment is intended for the long-term operation of the KNS protocol and can be re-adjusted to reflect community opinions or governance decisions (after the launch of the governance function) in the future. Since it directly affects the domain and token holders, the team believes the issue could be sensitive, so we summarize some of the questions and answers from the Discord channel.
Q. Why change to USD denomination?
A. As explained in our previous announcement, the current pricing was set in the KLAY denomination when KLAY was near $1. The number of minted domains is steadily increasing, but it is difficult to cover operating costs due to the falling of KLAY prices. Therefore, the team decided to change the denomination of pricing from KLAY to USD.
Q. How are the actual payments made?
A. Payment will be made in KLAY after calculating the USD value using an oracle.
Q. What are the benefits to KNS token holders?
A. In the long run, if KNS domain sales revenue increases, the value of KNS tokens is expected to increase.
Q. Wouldn’t it be an obstacle to acquiring more users?
A. We believe that integration is more important than price to expand the user base, and wallet integration is a top priority. Therefore, we think that a change in pricing and wallet integration are two separate agendas.
Q. What’s the progress on wallet integration?
A. We are discussing with wallet service providers through actively using the partnership/marketing allocation of the tokens, and we think we will be able to deliver good news in the near future. In addition, any partnership/marketing fund used will be based on a lock-up and vesting of three years at a minimum.
Q. Isn’t the price too expensive compared to ENS?
A. ENS registration price is 640 USD for 3-letter-domains, 160 USD for 4-letter-domains, and 5 USD for 5+-letter-domains. KNS domains are more expensive than ENS when it comes to 5+-letter-domains; however, strictly speaking, we do not believe we have to follow the pricing of ENS as other name services are not a substitute for KNS.
Q. Wouldn’t existing domain holders face a loss?
A. Existing domain holders can enjoy the current pricing policy and renew as long as they want until the effective date, so we believe they could take measures to avoid such circumstances.
Stay Tuned
Don’t miss out on the latest news from KNS. We are best reached by Discord, so hope you see you there!
Klaytn Name Service (KNS)
Your .klay domain, your on-chain identity.
Website: klaytn.domains
Twitter: twitter.com/klaytn_domains
Discord: discord.gg/kns
