Coinbase’s Base To Launch Basenames via Dutch Auction

A leading Ethereum layer-2 network, Base, is set to transform Ethereum interactions with its new feature, Basenames, launching via Dutch Auction. This innovative system uses Ethereum Name Service (ENS) infrastructure to turn complex hexadecimal addresses into easy-to-read names.

Beginning on the Tuesday, Basenames will allow users to create a clear and concise identity on Base. Basenames also allow you to work with human-readable names like “bob. base. eth” instead of typing long hex strings. This decision is intended to bring Ethereum closer to the everyday consumer and make it easier to use.

An ENS subdomain can be defined as the name developed under a particular ENS domain. As with subdomains in conventional websites, they enable users to have multiple personas. For instance, the owner of the ENS domain “base. eth” can create and control subdomains like “bob. base. eth. ”

In order to start the launch process, Base will adopt a Dutch auction system. In this auction, names will begin at a premium fee of 100 ETH and then go down to 0 ETH. 39 ETH for 36 hours. This approach ensures that everyone has a equal shot at getting the name they want. After the auction has ended, no premium fee will be charged.

Jesse Pollak, the lead at Base, shared the news on X, stating that Basenames will help in constructing or inhabiting on-chain spaces. “we’re going to make basenames the easiest way to get started building (or living) onchain. you want one.” Pollak said.

Basenames will help people to interact with Ethereum as easily as with traditional internet addresses, which will open up new opportunities for users and developers.

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