Coinbase’s Base network has launched “Basenames” to allow users to simplify their wallet addresses into user-friendly names.
Coinbase’s Base network, a prominent Layer 2 solution on Ethereum, has made a solid entry in the onchain identities sector by launching “Basenames”. These Basenames, built using the Ethereum Name Service (ENS) infrastructure, will allow users to simplify their complex hexadecimal wallet addresses into user-friendly, readable names.
The concept behind ENS subnames is similar to subdomains on websites, where an existing ENS domain owner, such as base.eth, can create and manage multiple subnames or subdomains under their primary name. According to the announcement, Basenames will serve as a critical component of the Base ecosystem, making it easier for users to interact within the blockchain space.
Basenames Launch Details
The launch of Basenames is designed to be inclusive, with all names being made available through a Dutch auction. This ensures that everyone has an equal opportunity to claim their preferred names, preventing automated systems and bots from monopolizing the process.
The auction will start with a premium fee of 100 ETH, which will gradually decrease to 0.39 ETH over a 36-hour period. Once the auction concludes, users will be able to secure their names without any additional premium fees.
Notably, the initial availability of Basenames will be limited to the first three days post-launch, with users required to register their wallets by August 21, 18:00 UTC, to claim their unique base.eth usernames.
Base network lead Jesse Pollak noted the ease of use that Basenames will bring to the platform. In a statement on X, he stated:
“We’re going to make basenames the easiest way to get started building (or living) onchain. you want one.”
Base’s Success
The Basenames launch by Coinbase is a major component of its ongoing efforts to expand the functionality and reach of its Base network. As a Layer 2 solution on Ethereum, Base enables users to deploy any Ethereum Virtual Machine (EVM) codebase with ease and offers seamless onboarding of users and assets from Ethereum’s Layer 1, Coinbase, and other interoperable blockchain networks.
Since its launch on August 9, 2023, Base has already made a major impact in the industry. It has nearly tripled its total value locked (TVL) over the past six months, reaching $1.5 billion. Notably, 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. The company posted a total revenue of $1.45 billion, surpassing analysts’ predictions of $1.4 billion. Coinbase’s stock (COIN) is currently trading around $204.5, an increase of 30% year-to-date.
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