Base, Coinbase’s native L2 network, is gearing up to launch Basenames.
Basenames would typically be subnames created via the Ethereum Name Service [ENS] infrastructure.
Similar to subdomains on Web2, subnames will be reliant on existing ENS parent names. Typically, they'd enable the management of multiple ENS identities. Distilling it down further, Base creator Jesse Pollak said,
“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 convert hexadecimal addresses into legitimate, readable names and help users establish an identity on the network.
The team noted,
“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.”
As depicted below, the floor of the premium fee will hover around the 100 ETH threshold at the beginning and decrease to 0.39 ETH over the first 12 hours. Once the auction wraps up, the premium fee will not be a part of the equation.
Without revealing a date, the Base team assured users that Basenames will be launching “very soon.”
Coinbase recently also teased the launch of a new product called “cbBTC.” This development shaped on the heels of the Wrapped Bitcoin controversy, with community speculations pointing out that the exchange is launching its own wrapped Bitcoin token variant.
Meanwhile, ENS is in the midst of executive shuffling. Katherine Wu — Venture Partner at Archetype, who has also been associated with Coinbase and Messari — has now become the COO of ENS Labs
