Base Rolls Out 'Basenames' to Make Ethereum Interactions Easier, Beginning With Dutch Auction

A leading Ethereum layer-2 network, Base, is set to transform Ethereum interactions with its new feature, Basenames, launching via Dutch Auction.

Base, a leading Ethereum layer-2 network, is set to revolutionize Ethereum interactions with the introduction of Basenames, a new feature that will be unveiled via a Dutch Auction. This innovative system leverages the Ethereum Name Service (ENS) infrastructure to transform complex hexadecimal addresses into easily readable names.

Commencing on Tuesday, Basenames will empower users to establish a clear and concise identity within the Base ecosystem. This feature enables seamless interactions using human-readable names, such as “bob.base.eth,” eliminating the need to type lengthy hex strings. This decision is strategically aligned with the goal of rendering Ethereum more accessible to everyday consumers.

Within the ENS domain structure, subdomains are essentially names that are created under a specific ENS domain. Similar to subdomains in conventional websites, they provide the capability for users to maintain multiple personas within the Web3 space. For instance, the owner of the ENS domain “base.eth” can create and manage subdomains such as “bob.base.eth.”

To spearhead the launch of Basenames, Base will be adopting a Dutch auction system. This auction will commence with premium names being offered at a starting price of 100 ETH, which will gradually decrease to 0 ETH over a span of 36 hours, with a minimal bid increment of 39 ETH. This approach ensures that all participants have an equal opportunity to secure the desired name. Notably, once the auction concludes, there will be no premium fee charged for Basenames.

Revealing the news on X, Jesse Pollak, Lead at Base, highlighted the significance of Basenames in facilitating the construction or habitation of on-chain spaces. “We're going to make basenames the easiest way to get started building (or living) onchain. you want one,” Pollak stated.

Basenames are poised to streamline interactions with Ethereum, rendering them as effortless as navigating the traditional internet. This advancement is set to unlock a realm of possibilities for both users and developers within the Web3 ecosystem.