The Alchemix Innovation: “Self-Repaying, Auto-Renew”, for ENS Names! Selected Any “.eth” Domain for Self-Repaying Auto-Renew, and Ensure It Never Expires!
Gone are the days of forgetting to renew your ENS domains! Alchemix introduces a revolutionary solution: the “Self-Repaying ENS” tool, abbreviated as (SRENS). With it, those with an ETH position in Alchemix can automatically renew one or more ENS domains seamlessly.
Let’s embark on this magical journey with a special “Thank you!” to wary (@wary__wary), the genius behind SRENS! Developed during a hackathon (and backed by the Alchemix grants program), SRENS heralds the dawn of a new era: DeFi subscription services built on self-repaying loans!
Lose your #ENS? 😭
Imagine never losing it again.
Introducing Alchemix Self-Repaying ENS! (#SRENS)
— Alchemix (@AlchemixFi) April 20, 2023
Under the Wizard’s Hat: How SRENS Works
SRENS is simplicity and sophistication combined! Here’s a concise guide:
- Power the Magic: Deposit ample ETH in an Alchemix alETH position.
- Given Alchemix’s LTV ratio of 50%, ensure the borrowable alETH amount covers a 1-year renewal for your domains. Remember, while SRENS does ease renewals, it might be 3-5x costlier gas-wise compared to manual renewals. But, fret not! The system smartly snipes low gas fees to cushion this impact.
- Choose Your Domains: Head to ens.alchemix.fi or the utilities page.
- Search, select, and toggle on the ENS addresses you wish to renew.
- Empower SRENS: Click the “Approve” button, granting the SRENS contract the right to mint alETH on your behalf from your Alchemix position.
- Once approved, hit “Subscribe”. Voila! Your ENS domains are set to auto-renew!
- Monitor & Manage: Check balances in the ‘Account’ section.
- Ensure you have enough credit in your Alchemix position for a hassle-free auto-renewal experience.
Simple Steps: How to Set Up & Use SRENS
- Make sure you’ve deposited enough ETH in Alchemix’s alETH position. Keeping in mind the LTV ratio of 50%, your borrowable alETH should be ample to cover at least a 1-year renewal for all your chosen domains.
- Note: Using SRENS might cost 3-5x more in gas than manual renewals, but the system is designed to optimize and capture low gas fees to balance this out.
- Access & Selection:
- Authorization & Activation:
- Click the “Approve” button, granting SRENS contract permission to mint alETH from your Alchemix position.
- Once approval is confirmed, hit the “Subscribe” button. This will set your chosen ENS domains to auto-renew, ensuring they never expire.
- Understanding Renewals: Users can subscribe to multiple ENS names.
- No need to own them, but they should be registered and within their grace period (90 days post-expiry).
- Gelato keepers track these names, renewing them via self-repaying ETH debt from the user’s Alchemix account.
- And guess what? The app smartly seeks cheaper renewal rates by observing transaction costs 90 days pre-expiry.
- The SRENS app aims for cost-efficiency, targeting cheaper renewal prices by monitoring transaction costs 90 days before expiry.
- Balancing Funds: While some might be tempted to deposit just “the necessary ETH”, the minimum may not be enough;
- Adding a buffer can also be beneficial as all deposits earn yield in Alchemix.
- Single Alchemix Position: Use your existing Alchemix account for renewals. Just ensure you reserve enough for your ENS domain costs.
- New EOA: For ease of fund tracking, consider creating a fresh wallet and Alchemix account exclusively for ENS renewals.
- Whitelisting a Multisig: DAOs with multiple ENSs might prefer using SRENS. To do so, DAOs should request Alchemix to whitelist their multisig.
Tech Corner: The Magic of Core Protocols
For those hungry for the technical nitty-gritty, this Web3 wizardry isn’t spontaneous. To renew those elegant, human-readable ENS addresses, it’s the harmony of multiple Web3 protocols mixing together:
- Alchemix’s Alchemical Potions: The heart of SRENS!
- Alchemix transforms your regular ETH into the robust, yield-bearing alETH, ready to fund your ENS renewals.
- Curve’s Efficient Conversion Cauldron: To change alETH back into ETH,
- Curve, the Ethereum-based stablecoin swap protocol, ensures a smooth, cost-effective transition.
- Gelato’s Automation Spells: It’s like having a diligent helper working tirelessly,
- Gelato is automating the renewal process, ensuring timely ENS domain updates without you lifting a finger!
Meanwhile, Gelato works behind the scenes to automate the renewal process and ensure that the ENS domains are consistently updated, eliminating manual interventions and the fear of losing your unique .eth address!
— Gelato (@gelatonetwork) July 6, 2023
Strategies to Adopt
- Use an Existing Alchemix Position:
- This is the fastest and most gas-efficient method.
- Ensure enough reserves for your ENS domains, especially if you’re also taking loans for other reasons.
- Set Up a New EOA:
- Create a separate wallet and Alchemix position solely for ENS renewals, making funds tracking easier.
- For an Existing DAO – Whitelist a Multisig:
- DAOs with multiple ENSs can use SRENS.
- For this, they need to request Alchemix to whitelist their multisig.
Remember, always depositing a bit more than necessary can be beneficial, given all deposits earn yields in Alchemix.
The Future & Beyond: Expanding SRENS Horizons
For the road ahead, from its current v1, Alchemix aims to nurture and evolve SRENS. The community’s feedback will play a crucial role in shaping its v2. For the tech-savvy, dive into the SRENS source code and the Ethereum-Mainnet deployment. Also, check out The SRENS Dashboard for a real-time glimpse into SRENS in action!
It is fun to think of the possibilities. The SRENS system can be extended to any reoccurring service, such as your Netflix service subscription, or to auto-service any loan or reoccurring payment using the power of Web3 and DeFi.
With this comprehensive guide, you’re now armed and ready to dive into the world of SRENS.
The decentralized frontier beckons! Explore, innovate, and remember: in the Web3 domain, the only limit is imagination!
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