Coinbase’s Base Network Launches Onchain Identities Solution ‘Basenames’

As an analyst with over a decade of experience in the blockchain and cryptocurrency industry, I find myself impressed by Coinbase’s strategic move with the launch of Basenames. The ease of use and inclusivity that this Layer 2 solution brings to the table is a game-changer, especially for onboarding new users into the complex world of blockchain.


As a crypto investor, I’m excited about Coinbase’s Base network, a significant Layer 2 solution on Ethereum, venturing into the onchain identities sector with “Basenames”. These Basenames, constructed using Ethereum Name Service (ENS) infrastructure, will make it easier for us by transforming complex hexadecimal wallet addresses into friendly, readable names, enhancing user experience.

As a crypto investor, I find the idea behind ENS subnames analogous to subdomains on websites. For instance, if I own base.eth as my primary domain, I can create and control numerous subnames or subdomains like shop.base.eth or blog.base.eth under my main name. According to recent announcements, these Basenames are essential for the Base ecosystem, simplifying user interactions within the blockchain environment.

Basenames Launch Details

Basenames’ debut aims for inclusivity by offering all names via a Dutch auction system. This approach guarantees fair access for everyone, ensuring that no automated systems or bots dominate the name-claiming process, allowing equal opportunity for all.

Initially, the auction kicks off at a high cost of 100 ETH, but this starting price progressively drops to a minimum of 0.39 ETH over a span of 36 hours. After the auction ends, users can acquire their desired names without any further premium charges.

Important to note, the first three days after launch are when Basenames will initially be accessible. To secure your unique base.eth username, it’s necessary for users to register their wallets by August 21, 18:00 UTC.

Jesse Pollak, head of the base network, highlighted the user-friendly nature that Basenames will introduce to our platform, as mentioned on X.

As a researcher, I’m excited to share that we’ve designed a streamlined approach for newcomers to effortlessly dive into the world of onchain development or living. Our innovative solution is called ‘basenames’, and if you’re ready to embark on this journey, it’s just what you need!

Base’s Success

Coinbase’s recent launch of the Basenames is a significant part of their mission to broaden the capabilities and influence of their Base network. As a Level 2 solution on Ethereum, Base makes it simple for users to deploy any Ethereum Virtual Machine (EVM) codebase, and it also provides effortless integration of users and assets from Ethereum’s Layer 1, Coinbase, and other compatible blockchain networks.

Beginning on August 9, 2023, Base has significantly influenced its sector since its debut. Over the last six months, it has almost tripled its Total Value Locked (TVL), climbing up to a staggering $1.5 billion. It’s worth mentioning that Aerodrome, a decentralized exchange, has contributed significantly to this growth, accounting for an impressive $592 million of the TVL.

In the second quarter of 2024, Coinbase’s achievement with Base showed in their earnings report, where they reported a total income of $1.45 billion, exceeding expectations set by analysts at $1.4 billion. As a result, the company’s stock (COIN) is currently being traded around $204.5, marking a 30% growth in its value since the beginning of the year.

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2024-08-20 13:12