Basenames Launches, BNS Phased Out: Base Chain Identity Service Enters New Phase
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Basenames Launches, BNS Phased Out: Base Chain Identity Service Enters New Phase
Basenames will be sold through a Dutch auction mechanism.
Navigating Web3 tides with focused insightsBy Zhang Joy, BlockTempo
Yesterday (20th), Base, the Layer 2 network operated by Coinbase—America's largest cryptocurrency exchange—announced on social platform X that it will launch Basenames, subdomains based on Ethereum Name Service (ENS):
"Basenames are the fastest way to start building on Base, and we’re launching soon.
Get a unique base.eth username to interact onchain more easily and conveniently.
We can't wait to see you build your onchain identity."
BlockTempo note: Basenames officially launched early this morning at around 4 AM. For usage instructions, fees, promotions, and more, please refer to the official website.
Basenames are ENS-based subdomains
Ethereum Name Service (ENS) allows users to create subdomains under an ENS parent domain.
In an update from early March 2023, ENS introduced the Name Wrapper feature, enabling any level of existing ENS domains to be wrapped as ERC-1155 tokens. Subdomains can thus exist as individual NFTs, while parent domain owners gain finer control over their subdomains—including expiration settings and permission delegation—greatly enhancing flexibility for ENS domains.
According to Base’s official announcement, Basenames are subdomains under existing ENS domains. Once launched, any ENS domain owner will be able to create and manage an unlimited number of personalized sub-usernames ending in "base.eth".
Image source: Basenames
Basenames to be sold via Dutch auction mechanism
Additionally, Base stated that Basenames will be sold using a Dutch auction (reverse auction) model to ensure fair access for all users:
"For example, prices will gradually decrease over 36 hours, starting at 100 ETH with a premium fee applied. Within 12 hours, the price drops to 0.39 ETH. After the auction ends, no premium fee will be charged."
BNS announces gradual deprecation
Meanwhile, Base Name Service (BNS)—a long-running identity aggregation protocol on Base developed by Orange DAO—also announced on X that BNS will be gradually phased out, with Basenames marking the next chapter for identity on Base:
"Today we have important news to share with the community. We've been working closely with the Base team, and as Basenames approaches launch, BNS will be gradually deprecated to ensure a unified naming service and onchain identity experience for everyone on Base."
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