Base Chain launches ENS subdomain Basenames, BNS will be gradually discontinued

Original author: Zhang joy, BlockTempo

The Layer 2 network Base, owned by Coinbase, the largest cryptocurrency exchange in the United States, posted on the social platform X yesterday (20) that the Base chain will launch a subdomain Basenames based on the Ethereum Name Service (ENS):

“Basenames is the fastest way to start building on the Base chain, and we’re launching soon.

Users can apply for a unique base.eth username, which will allow them to conduct activities on the chain in an easier and more convenient way.

We can’t wait to see you start building your on-chain identity.”

Note in the dynamic area: Basenames was officially launched at around 4 oclock this morning. For information on how to use it, fees, and discounts, please refer to the official website.

Basenames are subdomains based on ENS

We know that the Ethereum Name Service (ENS) allows users to create subdomains on an ENS parent domain.

In the update in early March 2023, ENS also launched a name wrapper feature, which allows existing ENS domain names of any level to be packaged as ERC-1155 tokens, and subdomains can be stored as separate NFTs; in addition, parent domain names can have more detailed management and control over subdomains, including expiration and permission granting, etc., bringing more flexibility to ENS domain names.

According to the official introduction of Base, Basenames is a subdomain under the existing ENS domain name. After the official launch, any ENS domain name owner will be able to create and manage an unlimited number of sub-usernames and name them in a personalized way (ending with base.eth).

Image source: Basenames

Basenames will be sold via Dutch auction mechanism

At the same time, Base officials added that Basenames will be sold through a Dutch auction mechanism (Reverse auction) to ensure that all users have a fair chance to get the name they want:

“(For example) the price will gradually decrease over 36 hours, starting at 100 ETH and subject to a premium fee, and will drop to 0.39 ETH within 12 hours; and after the auction ends, no premium fee will be charged.”

BNS announces gradual decommissioning

In addition, the identity aggregation protocol Base Name Service (BNS), which has been running on the Base chain for a long time and provided by Orange DAO, also stated on the X platform that BNS will be gradually discontinued, and Basenames will be the next chapter of identity on the Base chain:

“Today we have important news to share with the community. We have been working closely with the Base team. As the launch of Basenames approaches, BNS will be gradually retired to ensure that everyone on Base can get a unified name service and on-chain identity experience.”