Base ENS Subnames Set the Stage for Fair Dutch Auction Launch

Key points:

• Base is rolling out subnames based on Ethereum Name Service infrastructure.
• Known as Basenames, these will be offered through a Dutch auction.

Base ENS Subnames launch on Base, allowing users to create human-readable identities. Names will be available through a Dutch auction with a fair pricing model.

Base ENS Subnames: Simplifying Onchain Identity Creation

Base, a Layer 2 network developed by Coinbase, is introducing Basenames — a new system built on the Ethereum Name Service (ENS). Basenames allow users to convert complex Ethereum addresses into simpler, more human-readable identities.

These subnames work similarly to website subdomains, making it easy for users to manage multiple identities under a single parent ENS domain, such as base.eth. This is expected to simplify on-chain interactions for both users and builders.

Read More: Coinbase CEO Brian Armstrong Praises Bitcoin as Solution to Inflation Problem

Base ENS Subnames Auction: Fair Access Through Dutch Auction Auction

Basenames will be launched through a Dutch auction. The premium will be 100 ETH, gradually decreasing to 0.39 ETH over 36 hours. The Dutch auction system ensures that everyone can purchase specific Basenames before the premium is completely lifted.

After the auction period ends, no additional fees will be required to claim Basenames, making them more accessible to users. Base’s lead Jesse Pollak announced on X that Basenames will launch on Tuesday. “We’re going to make basenames the easiest way to start building (or living) on-chain,” he added.