TL;DR
- Simplified Wallet Addresses: Coinbase’s Base network introduces “Basenames” using ENS to convert complex wallet addresses into easy-to-remember names, enhancing user interaction.
- Fair Dutch Auction: Basenames are available through a Dutch auction starting at 100 ETH, decreasing to 0.39 ETH over 36 hours, ensuring fair access and preventing bot monopolization.
- Limited-Time Offer: Users must register by August 21, 18:00 UTC, to claim their unique base.eth usernames, promoting early adoption and securing desired names.
Coinbase’s Base network, a prominent Layer 2 solution on Ethereum, has launched a new feature called “Basenames” to simplify wallet addresses. This innovative solution leverages the Ethereum Name Service (ENS) infrastructure, allowing users to convert complex hexadecimal wallet addresses into user-friendly, readable names.
Basenames, the fastest way to start building on Base, are coming soon
Claim a unique base.eth username to make it easier to connect, collaborate, and contribute onchain
We can’t wait to see how you’ll build your onchain identity pic.twitter.com/7sMSZ7kYF0
— Base (@base) August 19, 2024
The concept behind Basenames is akin to subdomains on websites. If you already own an ENS domain like base.eth, you can easily set up and handle several subnames or subdomains linked to your main domain.
This initiative aims to enhance user interaction within the blockchain space by making it easier to manage and remember wallet addresses.
Base Guarantees Fair Access Through Dutch Auction
To ensure fair access, all Basenames will be made available through a Dutch auction. This method prevents automated systems and bots from monopolizing the process, giving everyone an equal opportunity to claim their preferred names.
The auction starts with a premium fee of 100 ETH, which gradually decreases to 0.39 ETH over 36 hours. After the auction concludes, users can secure their names without any additional premium fees.
Limited-Time Availability
The initial availability of Basenames is limited to the first three days post-launch. Users must register their wallets by August 21, 18:00 UTC, to claim their unique base.eth usernames. This limited-time offer encourages early adoption and ensures that the most enthusiastic users can secure their desired names.
The launch of Basenames is a significant step in Coinbase’s ongoing efforts to expand the functionality and reach of its Base network.
Base is a Layer 2 solution on Ethereum that makes it super easy for users to deploy any EVM codebase. It also allows for smooth onboarding of users and assets from Ethereum’s Layer 1, Coinbase, and other compatible blockchain networks.
Since its launch on August 9, 2023, Base has nearly tripled its total value locked (TVL) over the past six months, reaching $1.5 billion. Decentralized exchange Aerodrome has played a substantial role in this growth, contributing $592 million to this TVL.
Coinbase’s success with Base is also reflected in its Q2 2024 earnings, with the company posting a total revenue of $1.45 billion, surpassing analysts’ predictions. Coinbase’s stock (COIN) is currently trading around $204.5, an increase of 30% year-to-date.
