Coinbase's Base Network Introduces 'Basenames' to Simplify Wallet Addresses

Coinbase's Base network, a prominent Layer 2 solution on Ethereum, has launched a new feature called "Basenames" to simplify wallet addresses.

Coinbase’s Layer 2 solution, Base, is introducing "Basenames" to simplify wallet addresses.

Powered by ENS, Basenames allows users to convert complex hexadecimal wallet addresses into user-friendly, readable names, ultimately enhancing the user experience within the blockchain space.

Basenames are designed to be claimed like subdomains on websites. For instance, if you already own an ENS domain like base.eth, you can easily set up and handle several subnames or subdomains linked to your main domain.

This initiative aims to make it easier to manage and remember wallet addresses, especially for users who frequently interact with decentralized applications (dApps) or engage in on-chain activities.

To ensure fair access and prevent automated systems or bots from monopolizing the process, all Basenames will be made available through a Dutch auction.

This method starts with a premium fee of 100 ETH, which gradually decreases to 0.39 ETH over 36 hours. After the auction concludes, users can secure their names without any additional premium fees.

The initial availability of Basenames is limited to the first three days post-launch.

Users must register their wallets by August 21, 18:00 UTC, to claim their unique base.eth usernames. This limited-time offer encourages early adoption and ensures that the most enthusiastic users can secure their desired names.