The Ethereum L2 Base project is crafted by Coinbase and has come up with a new feature called “Basenames” in collaboration with the Ethereum Name Service (ENS). These Basenames are a type of ENS subnames that enable users to create their digital identities on Base. Basenames will be launched at a Dutch auction, where the initial pricing is reportedly fixed at 100 ETH and slowly moves down to 0.39 ETH in 36 hours.
What is Basenames?
The Ethereum L2 Base network was created to back the Ethereum landscape and is now allegedly extending its utility by bringing Basenames. These are ENS subnames that work within the Base network, giving users the ability to make unique on-chain identities. Sources report that according to Base, Basenames is seen as a “building block that enables anyone to establish their identity on Base.”
Additionally, the auction program for Basenames provides fairness in acquisition. Starting with an exclusive price of 100 ETH, the price will go as low as 0.39 ETH in 36 hours, as reported. This auction mechanism enables users to acquire their preferred Basename at a price they can choose for themselves. Once the auction is over, there is no added fee necessary to be paid. However, during this early access phase, users can only claim only one Basename per wallet.
ENS subdomains are not a brand-new concept in the crypto landscape. Within the Ethereum arena, these subdomains empower users to build several ENS identities under an existing domain, that works in the same way as subdomains on conventional websites. Other blockchain networks like Polygon, Solana, Arbitrum One, and BNB Chain also make use of domain architecture providers like Unstoppable Domains and Space ID so they can host their web3 usernames.
Ethereum L2 Base Attracts Heavy Transactions
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The Ethereum L2 Base network has massively added to the Ethereum ecosystem, especially when it comes to the volume of its transactions. On August 13, it was reported that Ethereum Layer 2 networks touched a new all-time high (ATH) of 12.52 million transactions. This was a huge jump from the number recorded on April 4 of ATH of 11.5 million transactions. The hike in market activity was majorly attributed to Ethereum L2 Base and Arbitrum One, sources report.
According to news updates, the day it achieved ATH, Ethereum L2 Base alone brought in 3.98 million transactions, highlighting its increasing influence within the Ethereum landscape. As a relatively new name, Ethereum L2 Base’s performance has been significant. Arbitrum One recorded 1.79 million transactions, making them the only two networks to go beyond the 1 million transaction mark on that day.
Along with its volume of transactions, Ethereum L2 Base also dominates the number of weekly active addresses. The network has managed to secure 3.25 million active addresses, with 9.1% of this activity associated with cross-chain transactions, as reported. Arbitrum One, when compared, has 1.11 million weekly active addresses.
Conclusion
Bringing Basenames on Ethereum L2 Base marks a notable milestone for the crypto land in the transformation of on-chain identity within the Ethereum arena. By making entire use of the ENS infrastructure and embracing a Dutch auction model, Ethereum L2 Base is set to provide users with a transparent and innovative way to create their digital identities. In addition, the network’s sizeable volume of transactions and active user base shows its growing dominance in the Ethereum ecosystem. As Ethereum L2 Base moves ahead to develop and further evolve, it is set to play a crucial role in the future of decentralized finance and web3 identity solutions. Learn more about the upcoming advancements in the crypto land with TheBITJournal.
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