Injective is poised to introduce the world’s first native .inj domain names through #SPACEID , and the eagerly awaited pre-registration event is just around the corner. Over the past month, Injective’s ecosystem partners have orchestrated a series of quests, rewarding participants with exclusive access to pre-register their personalized $INJ domain names. In this article, we will delve into the specifics of the pre-registration process and its rules as we approach the launch.

Prepare yourselves to partake in the pre-registration event and secure your Web3 domain names on Injective!

A Glimpse into INJ Domain Names

INJ ID is currently developing the .inj domain name service on Injective, powered by the SPACE ID 3.0 infrastructure. This decentralized naming system is set to become an integral part of the burgeoning Injective ecosystem, offering everyone the opportunity to own their very own native INJ domain names. These names can be used across wallets, websites, decentralized applications (dApps), and more within the #Injective ecosystem.

Owning an INJ domain name offers numerous advantages, including:

Establishing a Personal Web3 Brand Identity

Simplifying Transactions with Short Domain Names Instead of Complex Wallet Addresses

Facilitating Crypto Transactions, NFT Trading, and Digital Asset Management Using Your Custom .inj Domain

Who Qualifies for the Pre-registration Whitelist?

At Injective, our most active community members always take precedence. To initiate our pre-registration phase, we’ve already hosted a series of quests and external campaigns through Injective partners on various platforms. Ultimately, all these active participants in the Injective ecosystem will be included in the pre-registration whitelist.

For each “INJ ID Quest” OAT Badge you’ve earned (INJ ID Quest 1, INJ ID Quest 2, INJ ID Quest 3), or each time you’ve won a giveaway campaign organized by Injective partners, you’ll gain the opportunity to register one .inj domain name during the pre-registration phase. The more OATs you possess and the more giveaway campaigns you’ve won, the more .inj domain names you can secure for yourself!

Please note: The maximum bid quota is five domain names, so even if a single address has won more than five spots, each address will receive up to five whitelists for their bid quota.

Participating in the INJ Domain Pre-registration Event

The INJ domain pre-registration consists of two stages: the auction stage and the first-come-first-serve (FCFS) registration stage. These stages are designed to ensure a fair registration process while minimizing bot activity.

Auction Stage

The pre-registration commences with a five-day auction stage, exclusively open to whitelisted addresses with a maximum bid quota of five.

During this stage, early users can bid on new names and continue bidding on existing ones without consuming their bid quota.

The price of a new bid must be at least 105% of the previous bid.

If you’re outbid by others, you can choose to continue bidding on that name or receive an immediate refund. Opting for a refund will forfeit your bid quota for bidding on another name.

Winning the auction grants you the right to register the name, and it will be reserved for the auction winner for a period of one year (default). The first-year registration fee is already included in the auction, making the first-year registration free.

In the last 15 minutes of the auction, any new bid will reset the remaining auction time to 15 minutes.

Domain Name Pricing

Discounts are offered as perks during the pre-registration stage for early users and apply to multiple years.

Starting bid prices for names with 3/4/5+ characters are $180/$40/$4.5 worth in INJ, corresponding to the discounted 1-year registration price.

3 characters: $180/year (40% discount to $300/year)

4 characters: $40/year (20% discount to $50/year)

5 characters and more: $4.5/year (no discount)

First-Come-First-Serve (FCFS) Stage

The second phase of pre-registration is FCFS and begins shortly after the auction stage concludes. This phase will last for five days.

Auction winners can register the .inj names they’ve won, while others can register the remaining names on an FCFS basis, depending on their remaining quota.

For instance, if you bid on 5 names in the auction and won 2 out of 5, the remaining 3 bid quotas will become “Register Quota” for use in the FCFS registration phase.

If you didn’t participate in the auction or didn’t win any names, all of your bid quotas will remain valid and convert to “Register Quota.”

Format Requirements for Domain Names

Each name must be at least 3 characters in length.

Names are case-sensitive, allowing only lowercase letters and no capital letters.

Special characters such as “:”, “/” are not supported, but “-” is allowed.

Emojis are generally supported.

Names in different languages are also generally supported.

Reserved .inj Domain Names

Some .inj domain names are reserved exclusively for partners and dApps in the Injective ecosystem and will not be available for registration. This decision is driven by the potential these names hold to expedite the widespread adoption of .inj names, enhancing the overall community experience.

What’s on the Horizon?

Public registration, open to everyone, will commence soon after the conclusion of the two phases of pre-registration. Additionally, the trading of .inj domain names will be supported on NFT marketplaces on Injective, including #Talis . Further details on this will be announced in due course.

The .inj domain name service is poised to become the decentralized identity standard across the Injective ecosystem and its numerous dApps. This incredible journey would not have been possible without the support of each and every one of our community members.

Bulls and bears battled for control of the SPACE ID (ID) market early in the day until support was found around the 24-hour low of $0.8295. Following this support, bulls thwarted bear efforts and drove the ID price to a 24-hour high of $1.0328, (the token’s all-time high).

As of press time, the bullish power was still in play, and ID was valued at $0.9577, a 13.59% increase. If bullish pressure maintains and this intraday high of $1.0328 is hit, the next resistance levels may be at $1.08 and $1.15; however, if negative pressure prevails, the support levels to monitor are $0.90 and $0.85.

During this recovery, ID’s market capitalization and 24-hour trading volume increased by 13.63% and 22.77%, respectively, to $273,907,326 and $749,943,314. This move indicates how traders entered the rally with a “buy the dip” mindset, taking advantage of the recent price reduction to amass more ID tokens and profit on possible future gains.

ID/USD 24-hour price chart (source: CoinMarketCap)

Despite being optimistic, the Aroon down’s recent ascent above the Aroon up’s (21.43%) shows that the present uptrend may be losing pace and a trend reversal may be coming. This action warns traders to actively watch the market and consider taking gains or using risk management methods to safeguard their holdings.

The Chaikin Money Flow reading of -0.16 supports the cautious move, suggesting a likely bearish trend and a drop in purchasing demand.

This negative CMF trend suggests that traders are likely selling off their holdings, and it may be prudent to wait for a more favorable signal before opening any new long positions.

ID/USD chart (source: TradingView)

On the ID/USD price chart, the Average Directional Index (ADX) reading of 80.61 indicates that the bullish mood is extremely strong and the trend is expected to continue in the foreseeable future, making it an excellent time to consider buying ID/USD.

When the ADX is overbought and rises over 70, it may suggest that a price correction or trend reversal is on the way. As a consequence, this score advises traders to “exercise caution” and consider using stop-loss orders to safeguard their holdings in the event of a rapid market drop.

The stochastic RSI value of 17.86 and its movement below its signal line suggest that the market is oversold, which might lead to a positive turnaround in the near future. This trend is also backed by an increase in the number of buyers entering the market, indicating that there may be a change in buyer mood.

ID/USD chart (source: TradingView)

As ID’s bullish trend continues, traders should remain vigilant of potential trend reversals and consider risk management strategies.

#ID #SPACEID #crypto2023 #crypto #Binance