Basenames (base.eth) is Now Live

On August 20, 2024, Base Chain, the Layer 2 network under Coinbase, the largest cryptocurrency exchange in the U.S., announced the launch of Basenames, a subdomain based on the Ethereum Name Service (ENS). Users can acquire unique base.eth usernames through a Dutch auction process. After the Dutch auction ends, Basenames will return to standard pricing based on name length. Based on the open-source ENS protocol, Basenames aims to simplify transactions, foster collaboration, and enhance on-chain user connections.

Eligible individuals can receive a free one-year Basenames subscription (for names with five or more characters), with discounts starting after the Dutch auction concludes.

Source: Base.mirror.xyz

What is Basenames?

Basenames is an on-chain tool launched by the Ethereum Layer 2 network Base Chain, designed to expand its utility and support the Ethereum ecosystem. This feature allows users to create unique, memorable names for their wallet addresses on the Base network, similar to assigning a simple alias to a bank account.

Basenames utilizes the same technology as the Ethereum Name Service (ENS) and operates entirely on the blockchain. These human-readable names can be used to connect with various blockchain applications and send and receive assets on Base and other compatible EVM (Ethereum Virtual Machine) chains, significantly simplifying the user experience and enabling seamless connections and transactions. Base positions Basenames as “the foundational building block for anyone to establish their identity on Base,” emphasizing its importance within the network’s ecosystem.

BNS Deactivation

Base Name Service (BNS), an identity aggregation protocol provided by Orange DAO and long operated on the Base chain, will gradually be deactivated following the launch of Basenames. This transition ensures a unified naming service and on-chain identity experience for everyone on Base.

Basenames, Subdomains Based On ENS

Ethereum Name Service (ENS) allows users to create and manage subdomains.

In March 2023, ENS launched the name wrapper feature, an innovation that allows ENS domain names to be converted into ERC-1155 tokens, making subdomains independent NFTs. At the same time, it grants domain owners finer control over subdomain management, such as setting expiration conditions and granting specific permissions. These updates significantly enhance the flexibility and usability of ENS domain names.

Based on this, Basenames launched by Base is an extension of the ENS domain system. Basenames are essentially subdomains under ENS domain names. With the official launch of Basenames, all ENS domain holders can freely create and manage an unlimited number of sub-usernames. These sub-usernames end with “base.eth,” offering users a personalized naming space. This not only enriches the Base ecosystem but also provides users with more diverse identity options.

Further Reading: “What is ENS?” - Gate Learn

The Practical Use and Significance of Basenames in the Base Ecosystem

According to Jesse Polak, the head of the Base protocol, Basenames will be the easiest way for users to start building their on-chain life and identity. Basenames aims to enhance the user experience within the Base ecosystem. Essentially, Basenames addresses a common crypto pain point: the complexity of wallet addresses.

From a practical perspective, Basenames will make interactions and transactions within the Base ecosystem more efficient. Developers on Base can create better and more intuitive user interfaces. They can also integrate Basenames into their dApps, improving the user experience and increasing dApp adoption.

From a community standpoint, Basenames provides users with a consistent identity across all Base dApps, reinforcing ownership and a sense of belonging. These are two essential qualities for social and community-driven dApps. From a business perspective, Basenames can be seen as digital real estate. It boosts participation in the Base ecosystem and generates revenue through domain registration and the potential secondary market.

Registering Basenames allows you to:

1. Create an On-Chain Identity

Basenames allows users to customize easy-to-read and memorable names for interactions, so your identity name is no longer a long and complex wallet address.

Use Basenames as your on-chain identity within the Base ecosystem, customizing your profile with personal details like verified skills. When participating in the on-chain ecosystem (e.g., hackathons or meetups), you can share your growth and experiences in the community. Like Web2 social media, anyone can support you, pay you, mint your NFTs, reply to your posts, or purchase your products within your on-chain space.

2. Simplify Transactions

A wallet address is a long string of characters, like 0x456…abc, which is not only hard to remember but also easy to mix up if you have multiple wallet addresses. With Basenames, you can customize your own unique Basename (XXX.base.eth). As long as it hasn’t been registered, you’ll have a readable and easy-to-remember Basename to seamlessly send and receive assets without the risk of error.

3. Contact and Collaborate

Basenames is not only for transactions but also serves as a social connector. With Basenames, you can easily discover profiles of mentors, partners, and other community members within the Base ecosystem. This encourages networking, learning, and collective creation, bringing together people with shared interests and goals, similar to LinkedIn in Web2.

4. Decentralized and Open-Source

Basenames is built on the decentralized, open-source ENS (Ethereum Name Service) protocol, aligning perfectly with Base’s commitment to decentralized and open-source innovation. By leveraging a trusted and widely adopted technology, Base ensures that Basenames offers security, flexibility, and transparency.

How are Base and Basenames Performing?

Daily active users, trading volume, and TVL continue to soar, reaching an all-time high in October

Since the launch of Basenames (Base.eth) on August 20, there has been significant growth in daily active addresses, trading volume, and throughput. The activity on the Base chain has continued to rise, with the number of daily active addresses increasing from over 1 million in August to 1.85 million in October, hitting an all-time high on October 4, marking the most active day of the year so far. According to statistics from the Ethereum L2 data platform GrowThePie, the daily active address count on Base has surpassed the combined total of other chains like Arbitrum, Taiko, Manta Pacific, and OP.

Base’s daily and monthly trading volumes are also leading the charts, growing from 4.03 million daily transactions on August 20 to 5.61 million in October, a rise of over 1.58 million. The total value locked (TVL) saw a slight dip after reaching 7.48 billion in June but began an upward trajectory in August, reaching a new high of 7.6 billion in October, with TVL increasing by over 1.5 billion since August.

According to data from L2Beat, although Base’s TVL is only half of Arbitrum’s, the growth potential of the Base public chain is evident from various metrics, including the advantage in transaction costs. With the launch of Basenames, not only has the trading volume and daily activity on Base shown remarkable growth, but it has also shortened the distance to on-chain identity, further driving the entire Base ecosystem forward.

Source: GrowThePie

Basenames Registration Numbers & Revenue Performance

As of the writing of this article, Basenames has surpassed 450,000 registrations, with 190,000 being paid registrations. This marks an increase of 387,000 domain registrations compared to 36 hours after the launch.

Source: dune

Additionally, there have been consistently over 1,000 new registrations daily. Below is the cumulative number of Basenames purchased since the launch, including early access and public minting.

Source: dune

Among the more than 450,000 registrations, over 420,000 are unique domain owners, a significant number. Base has built a solid foundation for new features, partnerships, and integrations by leveraging its strong user base, ultimately driving the platform’s growth.

In terms of revenue, Basenames has generated a total income of over $590,000 (228 ETH).

Source: dune

How to Purchase Basenames?

Registering a dedicated Basenames is simple. Just deposit $ETH into Base or use the official Base bridge. Then, visit the Basenames website, search for the desired name. If the name is already registered or unavailable, the website will notify you and suggest other similar available names. If the name is available, you can choose the duration, set it as your primary name, and adjust the amount (based on the duration and name length). Click “Register Name,” sign the transaction, and your exclusive Basenames will be successfully registered.

You can also refer to this registration guide for Basenames on X.com (formerly Twitter): @Cuddlex_

Source: www.base.org/names

Registration Discount

If you meet any of the conditions in the screenshot below, you can apply for one year of free 𝐁𝐚𝐬𝐞𝐧𝐚𝐦𝐞 (5 or more characters).

You can click here to check if you qualify or view the Basenames FAQ:

Source: Basenames FAQ

Conclusion

Basenames, a subdomain of the Ethereum Name Service (ENS) launched by Coinbase’s Layer 2 network Base Chain, brings significant functionality and advantages to the Base ecosystem. These include simplifying on-chain identity, promoting ecosystem development, bridging the gap between traditional Web2 experiences and dapps, as well as offering potential investment value.

Overall, Basenames not only provides users with a convenient on-chain identity solution but also plays a crucial role in driving the growth of the Base ecosystem. As Base continues to grow, the importance and value of Basenames may further increase.