Base is launching ‘Basenames’, subnames created through the Ethereum Name Service infrastructure(ENS). The Ethereum L2 network’s subnames feature will allow users to turn their complex hexadecimal addresses into human-readable names.
As per Base’s tweets on X, Basenames is a core on-chain building block that allows anyone to “establish their identity on Base.”
‘Very soon’ means…tomorrow
Get ready to claim your Basename https://t.co/NQd6aJV0MC
— Base (@base) August 19, 2024
ENS subdomains are personalized names created under an existing ENS (parent) name. With ENS, users can manage multiple ENS identities, similar to subdomains on websites.
When Basenames is launched, all names will be listed via a Dutch auction, with prices decreasing over 36 hours to give users a chance to secure a particular name and also to avoid the participation of bots. The premium fee will start at 100 ETH and will go down to 0.39 ETH over the first 12 hours. After the Dutch auction ends, the premium fee won’t be charged.
Base’s creator, Jesse Pollak, stated on X, “the best way to think about basenames is that they are *.base.eth ENS-powered usernames, fully onchain, natively on L2, priced so billions can claim them, and with superpowers for building and living on @base.”
Basenames will launch on Tuesday. At present, users can claim one basename per wallet for early access on the website. As for the network’s performance, Base had witnessed an All time high 4M active addresses, and has successfully ousted Arbitrum as the top Ethereum L2 transaction network.
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Source: https://www.cryptonewsz.com/base-launches-basenames-subnames-formedvia-ens/