D3

D3 (also referred to as D3 Global) is a domain-name infrastructure company building what it calls a "DomainFi" network: a decentralized finance layer intended to bring internet domains on-chain as a tradable real-world asset class. Its central technical initiative is Doma Protocol, announced on 29 January 2025 and described as the first blockchain purpose-built for internet domain stakeholders, designed to satisfy ICANN compliance requirements and remain compatible with the Domain Name System. Doma is intended to map domain state and registry/registrar operations (renewal, management, transfer) on-chain, abstract DNS-specific compliance complexity, and provide a bridge between DNS and Web3 naming systems so that domains can be tokenized on a verified basis.

The company frames the opportunity around 362M+ existing and future domains and a domain asset class it sizes at more than $340B. Stated end-user benefits include asset appreciation, fractional ownership, domain-based lending, improved liquidity and settlement speed, and enhanced digital identity and branding. Alongside protocol development, D3 works with crypto communities to pursue ICANN-recognized top-level domains — including applications for .SOL and .SOLANA with the Solana Foundation, .AVAX with Avalanche, and an authorized .shib with Shiba Inu — and has launched .APE domains for ApeCoin users according to crypto.news.

In a February 2024 founder interview, CEO Fred Hsu argued that so-called Web3 domains are largely alt-DNS names limited to blockchain interactions and wallet addressing with no native DNS integration, and that the principal problem with real domains is a fragmented, slow and opaque secondary market in which a large share of sales are unreported private transactions. D3's tokenization plans are presented as a response to that liquidity problem.

Founding story

D3 was co-founded by Fred Hsu, who serves as CEO, together with Shayan Rostam and Paul Stahura; the founders are described as having over four decades of combined domain and DNS expertise. Hsu has been active in the domain industry since the 2000s, patented domain monetization (parking), and operated domain aftermarket, auction, drop-catching and traffic marketplace businesses as well as the DomainFest conference. He was co-founder and CTO of Oversee.net (later acquired by Oak Hill Capital Partners), co-founder and CEO of Manage.com (acquired by Criteo), and a co-founder of Ember Entertainment. He is a UCLA alumnus. The sources do not state D3's founding date.

Business model

D3 builds infrastructure that connects the traditional domain name system with blockchain networks. Its stated approach is to tokenize existing and future domains as real-world assets on Doma Protocol, enabling functions such as fractional ownership, domain-based lending, instant transfer and settlement, and digital identity. The company also positions itself as a partner that helps Web3 projects and communities apply for and operate their own ICANN top-level domains. The sources do not disclose pricing, fee structures or revenue figures.

Not disclosed in the sources.

Traction

Publicly disclosed traction consists of a $25M Series A, the announced Doma Protocol, and partnerships with Solana Foundation, Avalanche, OneFootball (cited as 180M+ monthly active users), Plume and Hockey.com. Product usage, revenue and headcount figures are not disclosed in the sources.

Latest developments

The most recent development in the sources is the 29 January 2025 announcement of the $25M Series A led by Paradigm, with Coinbase Ventures, Sandeep Nailwal, Dharmesh Shah and Richard Kirkendall participating, alongside the unveiling of Doma Protocol and the DomainFi partner cohort at the Dominion conference. Funds are stated to be directed at expanding domain functionality as composable assets and onboarding DNS operators.