Base ENS Subnames Poised for Fair Dutch Auction Debut

Base ENS Subnames: Simplifying Onchain Identity Creation

Base, a Layer 2 network developed by Coinbase, is introducing Basenames — a new system built on the Ethereum Name Service (ENS). Basenames allow users to convert complex Ethereum addresses into simpler, more human-readable identities.

These subnames function similarly to website subdomains, enabling users to manage multiple identities under a single parent ENS domain, such as base.eth. This innovation is expected to streamline on-chain interactions for both users and developers.

Base ENS Subnames Auction: Fair Access Through Dutch Auction

Basenames will be launched through a Dutch auction, a method designed to offer fair access to all participants. Key details of the auction include:

• A starting premium of 100 ETH, which will gradually decrease to 0.39 ETH over 36 hours.
• The Dutch auction system ensures equitable opportunities for users to purchase specific Basenames before the premium is fully lifted.
• Once the auction period concludes, no additional fees will be required to claim Basenames, enhancing accessibility for users.

Base’s lead, Jesse Pollak, announced on X (formerly Twitter) that Basenames will launch on Tuesday. He emphasized, “We’re going to make Basenames the easiest way to start building (or living) on-chain.”