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Coinbase’s Ethereum-based Layer-2 network Base is improving its services and launching a new naming system called Basenames.
Basenames are sub-names formed from the Ethereum Name Service (ENS) framework that allows users to change their complex crypto addresses into readable names.
‘Very soon’ means…tomorrow
Get ready to claim your Basename
— Base (@base) August 19, 2024
Base developers say Basenames will be a vital on-chain building block to help users create a unique identity.
Base Rolls Out ENS Subnames Feature to Upgrade Services
These ENS subnames are created under the framework of an existing ENS (parent) name. The aim is to manage multiple ENS identities properly and more efficiently.
Hence, any ENS domain owner can create and manage infinite subdomains or subnames. Users register with names such as Stuart.base.eth, which are easier to read than the complex conventional blockchain domain names.
Further, the Base network revealed that all names will be listed through a Dutch Auction when Basenames launch. The auction prices will decrease over 36 hours, giving all users a fair shot at choosing names.
When Basenames launch, all names will be listed via Dutch auction with prices decreasing over 36 hours
This will give everyone a fair shot at securing a name they love and prevent bots from snatching them up
It’s almost time to build your Based profile pic.twitter.com/ynCQKKOuJs
— Base (@base) August 19, 2024
The developers also believe the auction will prevent bots from overtaking the name service. The premium fee for this service will start at 100 ETH and drop to 0.39 ETH in the first 12 hours. However, it will no longer apply after the Dutch auction.
Base’s lead Jesse Pollak noted that Basenames will launch on Tuesday. According to Pollak Basenames will become the easiest way to begin building or living on-chain for users.
basenames launch tomorrow
we’re going to make basenames the easiest way to get started building (or living) onchain. you want one.
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) August 19, 2024
Users React to ENS Updates
Base’s announcement sparked mixed reactions among its followers and other crypto community members. One user, NFTart, noted that Dutch auctions do not prevent front-running transactions. For instance, a BOT can send a transaction with a higher gas fee to overtake a user’s bid for a name.
NFTart urged Base developers to halt the transfer of Basenames for around three months to discourage third-party sales. They also argued that users can send their Base NFTs to an ENS without encountering issues.
Also, another user, depressivehacks.eth, pondered why he needed a Base subname after acquiring an ENS. He noted that any transactions on Base would still be visible.
Base lead Pollack responded to depressivehacks.eth, urging him to stick with his ENS. However, Pollack believes that several users will still want to get Basenames.
Other Exciting Developments
Base has witnessed some remarkable developments recently. On August 19, Liquid re-staking protocol YieldNest announced that it expanded its operations to Base and introduced modern re-staking solutions.
As one of the top L2s on Ethereum, Base will provide YieldNest users with lower costs and a smooth DeFi experience. According to YieldNest, users can fully utilize their Base assets by subscribing to its risk-adjusted re-staking products.
In addition, YieldNest promised users high security since top security firms audit its protocol against potential threats.
Base continues to expand due to its utility as an active L2 on Ethereum. Jesse Pollack noted that last week, it reached an all-time high of 4 million active addresses, confirming its rising status.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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