Base L2 by Coinbase Launches ENS Naming Service for Web3

Introducing Basenames on Base Network

Base, a Layer 2 network developed by Coinbase on the Ethereum network, has announced significant updates to its naming system for Web3 users. The new subnames, known as Basenames, will be integrated into the existing ENS framework. ENS is designed to map machine-readable identifiers like Ethereum addresses and content hashes to more user-friendly names such as ‘bob.eth’.

How Basenames Work

The Base Name Service (BNS) will allow users to create and manage Basenames, which will function similarly to the Internet Domain Name Service (DNS). Just as DNS maps domain names to IP addresses, ENS and BNS will make Web3 interactions more efficient by providing readable names instead of complex addresses.

Features of Basenames

• Subnames Structure: Basenames will have a suffix of “.base” and will be preceded by a prefix selected by users, subject to availability in the BNS system.
• Integration with ENS: ENS domain owners, such as ‘bob.eth,’ can create and manage an unlimited number of subnames or subdomains.
• Name Account Abstraction: ERC-4337 wallets will support .base names, and users can explore User Operations with .base names on Jiffyscan, a popular AA explorer.

Dutch Auction for Basenames

Basenames will be made available through a Dutch auction. Users can claim and purchase these names immediately after launch. The auction will feature a gradual price decrease over 36 hours, making the process accessible and fair for many Web3 users while preventing bots from dominating the subname claims.

Price and Auction Details

At launch, Basenames will start at a premium price of 100 ETH. The cost will decrease to 0.39 ETH within the first 12 hours, drop to 0.0015 ETH after 24 hours, and eventually reach zero by the end of the auction.

Jesse Pollak, a lead at Base, emphasized that Basenames will significantly enhance on-chain identity creation and development. Since its launch in August 2023, Base has seen substantial growth, with weekly active addresses reaching nearly 4 million, according to Dune Analytics.

Stay tuned for more updates and be ready to secure your unique .base username to enhance your Web3 presence.

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