Coinbase's Layer 2 solution, Base, has announced the launch of Basenames—a subdomain service built on Ethereum Name Service (ENS) infrastructure. This new offering will debut via a Dutch auction starting Tuesday.
What Are Basenames?
Basenames function as subdomains under the ENS hierarchy, enabling users to create personalized identities ending with base.eth. Key features include:
- Decentralized Identity: Manage unlimited subdomains under any ENS parent domain (e.g.,
yourname.eth). - Simplified On-Chain Interactions: Facilitates collaboration and contributions within the Base ecosystem.
- Customizable Naming: Users retain full control over naming conventions and DNS settings.
👉 Explore Basenames on Base’s official page
Dutch Auction Mechanics
Basenames will be sold through a reverse auction model to ensure fairness:
- Initial Price: 100 ETH (decreasing over 36 hours).
- Final Price Floor: 0.39 ETH after 12 hours.
- Premium Fee: Applied during the auction phase, waived post-sale.
Jesse Pollak, creator of Base, hinted that Basenames aim to become the "easiest way to build or live on-chain."
Transition from BNS to Basenames
The existing Base Name Service (BNS) by Orange DAO will phase out to unify identity management under Basenames, ensuring consistency for Base users.
FAQs
Q: How do Basenames differ from traditional ENS domains?
A: They operate as subdomains (e.g., sub.base.eth) within ENS, offering granular control without separate registration fees.
Q: Can I transfer my BNS name to Basenames?
A: Migration details haven’t been released; follow Base’s updates for guidance.
Q: What’s the benefit of the Dutch auction model?
A: It democratizes access by dynamically adjusting prices based on demand.
👉 Learn more about decentralized naming systems
Risk Disclosure: Cryptocurrency investments carry high volatility and risk. Assess your financial capacity before participating.
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