April 2, 2025

Anand Vora (VP Business Development & Partner Operations, D3)

During Cloudfest in Germany, I caught up with Elias Rendón Benger, CEO of InterNetX. Elias is a friend and a long-time leader in the domain industry, with deep experience running one of the world’s largest domain platforms. As one of the first members of the DomainFi Vanguard, a thought leadership program focused on DomainFi education, he and I talked at length about the current state of the domain industry, the road ahead for tokenized domains, and how Web2 institutions like InterNetX are positioning themselves for the future of DomainFi. 

Here’s more of our conversation over dinner:

Anand: Elias, it’s always great to connect on the road. We were just in Seattle together at ICANN82 and the D3 Blueprint Workshop. What stood out the most to you from those events?

Elias: Likewise, Anand—thanks for having me. As always, ICANN is a key moment for the industry. You get all the stakeholders, registries, registrars, and policy folks under one roof to talk about what’s next. The big headline, of course, was the upcoming new gTLD round.

But honestly? One of the standout moments wasn’t even part of ICANN proper—it was the D3 Blueprint Workshop you hosted. That room was packed. I could barely find space to stand. Seeing so many domain veterans show up, leaning in, asking questions—it was clear you’ve sparked something important.

Anand: Appreciate that. I know InterNetX is operating at serious scale—over 22 million domains. What’s it like managing something of that magnitude?

Elias: Scale definitely comes with its own set of complexities. When you’re responsible for that many domains, even a single DNS hiccup can create ripple effects. So stability and security are everything.

We focus heavily on automation, monitoring, and compliance. But one of the bigger challenges is agility. When you’re a larger org, it’s harder to pivot quickly. That’s why we invest a lot in internal tooling—to help us move fast without losing reliability.

Anand: Right—and that reliability is key. At the same time, the industry’s moving fast, especially around tokenization and utility. How do you balance innovation with the trust you’ve already built?

Elias: It is certainly a challenge given the number of regulations we have to face being a European company. We cannot be the very first mover or even the early adopters, but we always try to find new technologies that we can simplify the use cases for our end customer. Like I said earlier, the solution must be intuitive and simple. None of our customers care about drill, they just want to like the hole in the wall. 

However, at the Workshop, I saw strong interest from European players in what DomainFi represents. The more accessible and compliant this new system is, the more likely it is that we’ll see adoption not only from individual investors, but also from registrars and infrastructure providers. 

Anand: How is InterNetX responding to the developments from ICANN82, particularly around Web3?

Elias: We are very intrigued with Web3, and recognize its potential. However, as with most things related to Web3, compliance remains a grey area. Since InterNetX is a long-established registrar, we have to be very cautious with our approach since we are required by law to fulfill multiple compliance requirements. 

I think this is where DomainFi stands out. I appreciate the compliance-first approach you guys have taken. Innovation balanced by regulation is always the way to go.

Anand: Do you see demand from your users for tokenized or Web3-native domains?

Elias: Honestly, most of our current customers—especially on the wholesale and mass-market side—aren’t Web3-native. They want things to work out of the box: fast, simple, stable. So if a Web3 solution is going to win with that crowd, it has to be as easy as registering a domain today. Wallets, tokens, private keys—that can’t be part of the onboarding. Make it one-click simple, and then it becomes real.

Anand: That’s been a north star for us—Web3 power with Web2 ease. Curious: looking ahead five years, how do you see the industry evolving?

Elias: If I had a crystal ball, I’d be investing right now! But jokes aside, here’s what I see: The Web2 domain world is well-organized and trusted. The Web3 world introduces decentralization, programmable assets, and new financial models. Combining both will be transformative.

AI is already impacting domain investing on the Web2 side, and I expect similar tools to make Web3 domains more accessible. Over time, we’ll see the line blur between primary and secondary markets—between new registrations and aftermarket trading. There will be platforms that give users seamless control over domains as both digital identities and financial assets. And I believe solutions like DOMA will sit at the center of that shift.

Anand: That leads right into DomainFi. What’s your broader vision for how a company like InterNetX can contribute to this shift?

Elias: I hope we play a meaningful role in this transformation. At InterNetX, we’re very keen on supporting DomainFi—not just as observers, but as active participants. Our goal is to bridge the best of both worlds: bringing our Web2 expertise and large customer base into the world of Web3.

What excites me most is the opportunity to offer our users new utilities that were simply not possible before—leasing domains, using them as collateral, fractional ownership. These are major shifts. At the same time, we want to help the Web3 community understand the benefits of Web2’s reliable infrastructure. We see ourselves as a connector between these ecosystems. It starts with creating use cases that show how domains can be used fluidly across both environments, and then builds from there into a full ecosystem of tools, protocols, and economic models.

Anand: You mentioned blending Web2 and Web3. What’s your outlook on how these worlds will merge in the domain space?

Elias:  I think we’ll stop talking about “Web2” and “Web3” soon. Domains will just work—you register in a Web2 interface, tokenize in a Web3 wallet, use it as identity in a dApp or log in via ENS. The boundaries will blur.

What you guys are building using Doma Protocol—the interoperability, the lifecycle awareness, the compliance layer—that’s exactly what makes that kind of convergence possible. The user shouldn’t have to think about what chain they’re on or where their domain lives. It just needs to function.

Anand: That’s the dream. Before we wrap, what excites you the most about DomainFi and being part of this new ecosystem?

Elias: It’s rare to see a project that speaks equally well to both the Web2 and Web3 sides. What D3 is doing with the DOMA protocol is exactly that. You’re not trying to replace the current system—you’re enhancing it, making domains more dynamic, more liquid, and more valuable.

At your workshop, I saw industry veterans asking questions, engaging deeply—it was clear the ideas resonated. I think that kind of thoughtful innovation is what will bring the domain world into its next phase. And InterNetX wants to be right there, helping shape that future.

Anand: Couldn’t agree more. Thanks so much, Elias. We’re lucky to have you as leader in our DomainFi Vanguard program—and I know there’s more to build together from here.

Elias: Appreciate it, Anand. I’m excited too and look forward to what’s next!