Coinbase’s Layer 2 network on the Ethereum blockchain is launching sub-names called Basenames. The surnames will launch via Dutch auction and function through the Ethereum Name Service infrastructure. These surnames will allow users to generate human-readable names from their hexadecimal addresses.
Base, a layer 2 network developed by Coinbase on the Ethereum network, announced upcoming developments to introduce an open naming system for Web3 users.
The Coinbase-backed L2 network’s subnames, dubbed Basenames, will be created through the existing infrastructure of the Ethereum Name Service (ENS). ENS was designed to match machine-readable identifiers such as Ethereum addresses, metadata, and content hashes to human-readable names like ‘bob.eth’.
Coinbase’s L2 network Base introduces subnames
Base Name Service’s (BNS) official website highlights that Basenames will be an integral building block for establishing user identities on the Base ecosystem. The ENS and BNS naming services mimic the Internet Domain Name Service (DNS). DNS maps domain names to IP addresses to make browsing websites and other internet resources more efficient.
According to Basename’s official website, the Name Account Abstraction (ERC-4337) wallets with .base names, and users can check User Operations with .base names on a popular AA explorer called Jiffyscan.
ENS domains have prefixes of users’ choice but end with the suffix “.eth,” which is the signature of ENS domains. Similarly, Basenames will have the suffix “.base” preceded by a prefix selected by the users, provided it is available in the BNS system. The ENS infrastructure will enable ENS domain owners such as ‘bob.eth’ to create and manage an infinite number of subnames or subdomains.
Basenames to be listed with decreasing fees via Dutch auction
Base stated that the Basenames will be listed via the Dutch auction so users can claim and purchase immediately after they launch. Base also highlighted that the prices will drop over 36 hours to make the name-securing process accessible to many Web3 users fairly while preventing bots from snatching the subnames.
A chart posted by Base on X indicates that the premium charges will commence at 100 ETH at launch. The prices will decrease significantly to 0.39 ETH in the first 12 hours and decline to 0.0015 ETH in 24 hours. The premium fees will eventually drop to zero once the Dutch auction ends.
The lead at Base, Jesse Pollak, also shared the news via an X post, stating that the Basenames will aid the construction and inhabitants of on-chain spaces. Base has grown significantly since its launch in August 2023. According to data from Dune Analytics, weekly active addresses on Base have surged to an all-time high of close to 4 million.
