I took a deep dive into Doma's product design, and it's quite interesting.

The core logic is to convert domain names into tradable Tokens, which adds liquidity depth to domain speculation and is a new approach in the tokenization track. The design of internal market trading looks relatively stable—directly aligned with market demand trading pairs, ensuring participation.

From an incentive perspective, currently, trading offers points rewards, and later on, users can exchange for platform tokens. This dual-layer incentive setup is still attractive to early users. Liquidity support is also well-implemented, capable of accommodating more players entering the market.

The key points to watch are whether Doma can unlock the value of domain names and whether the trading depth within the ecosystem can continue to grow. The tokenization path still has a lot of potential in Web3, and it will be interesting to see how they plan their layout.