Hassan Maishera
TL;DR
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The L2 network Base has introduced subnames based on the Ethereum Name Service infrastructure.
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The subnames will be offered through a Dutch auction.
Base Introduces Basenames
Base, the L2 network developed under crypto exchange Coinbase, has introduced subnames created through the Ethereum Name Service infrastructure.
The subnames, called Basenames, allow users to convert their complex hexadecimal addresses into human-readable names. The team describes Basenames as a core on-chain building block that enables anyone to establish their identity on Base.
Furthermore, Basenames will be offered to users to purchase and claim via a Dutch auction. The team revealed that prices will decrease over 36 hours, allowing users to secure a particular name.
For the Basenames, the premium fee will commence at 100 ETH and decrease to 0.39 ETH within the first 12 hours. As soon as the Dutch auction ends, Base will not charge premium fees for the Basenames.
