Ethereum L2 Base Launches ENS Basenames Via Dutch Auction

• Base is launching its native ENS subnames “Basenames” through a Dutch auction. 
• The initial pricing is at 100 ETH, descending to 0.39 ETH over a 36-hour timeframe.

Coinbase-developed Ethereum L2, Base, transforms Ethereum interactions with its new feature, Basenames, launching today. Integrating with the Ethereum Names Service (ENS) infrastructure, Basenames emerged as a “onchain building block that enables anyone to establish their identity on Base.”

The strategy for launching Basenames involves the Dutch auction mechanism for users to claim and purchase. The initial pricing is set to a premium fee of 100 ETH and gradually descends to 0.39 ETH over a 36-hour timeframe. This approach to pricing ensures users have an equal opportunity to secure the name they want. Reportedly, no premium fee will be charged post-auction. However, at present, users can only claim one basename per wallet for early access. 

Generally, the ENS subdomains allow users to create multiple ENS identities under an existing domain within the Ethereum ecosystem. It is similar to the subdomains function on the websites. Networks such as Polygon, Solana, Arbitrum One, and BNB Chain host their web3 usernames through domain infrastructure providers such as Unstoppable domains and Space ID.

Base Leads ETH L2 Transactions Hit ATH

Ethereum layer-2 networks recorded 12.52 million transactions on August 13, setting a new all-time high (ATH). This marks a remarkable increase from the previous ATH of 11.5 million transactions set on April 4. The market activity surge is primarily due to Coinbase’s Base and Arbitrum One. 

The Base network has accounted for a significant 3.98 million transactions on the ATH day. As a new entrant into the Ethereum ecosystem, Base’s performance is notable. Meanwhile, it was followed by Arbitrum One with 1.79 million transactions. Notably, Base and Arbitrum One were the only networks to record transactions above the 1 million mark that day.

Moreover, Base leads with 3.25 million weekly active addresses, with 9.1% of its activity involved with cross-chain transactions. And Arbitrum comes with 1.11 million weekly active addresses. 

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