Coinbase’s Base Launches Basenames Feature for Ethereum Wallets
A prominent Ethereum layer-2 network, Base, is gearing up to revolutionize Ethereum interactions through its latest feature, Basenames, which is set to launch via a Dutch Auction. This innovative system leverages the Ethereum Name Service (ENS) infrastructure to convert intricate hexadecimal addresses into user-friendly names.
Commencing this Tuesday, Basenames will empower users to establish a distinct and succinct identity on Base. By utilizing Basenames, users can engage with human-readable names like “bob.base.eth” instead of grappling with lengthy hex strings. This strategic move aims to bridge the gap between Ethereum and the average consumer, streamlining the user experience.
An ENS subdomain refers to a name created beneath a specific ENS domain. Similar to subdomains in traditional websites, ENS subdomains enable users to manage multiple personas. For example, the proprietor of the ENS domain “base.eth” can generate and oversee subdomains such as “bob.base.eth.”
To kick off the launch process, Base will implement a Dutch auction mechanism. In this auction model, names will kick off at a premium price of 100 ETH and gradually decrease to 0 ETH over 36 hours, ensuring a level playing field for all participants to secure their desired names. Following the conclusion of the auction, no premium fees will be imposed.
Jesse Pollak, the head of Base, disclosed the development on X, emphasizing that Basenames will facilitate the creation and occupation of on-chain spaces. Pollak highlighted, “we’re going to make basenames the easiest way to get started building (or living) on-chain. you want one.”
Basenames are poised to simplify Ethereum interactions akin to traditional internet addresses, presenting fresh possibilities for both users and developers.
