- Basenames launching through Dutch auction
- Features and availability of Basenames
- Growth of transactions in Ethereum L2 network
Coinbase-developed Ethereum L2 network Base is launching its new feature Basenames today, integrated with the Ethereum Names Service (ENS).
Basenames launching through Dutch auction
The Basenames launch involves a Dutch auction mechanism, allowing users to claim and purchase subnames. The initial pricing is set at 100 ETH and gradually descends to 0.39 ETH over a 36-hour timeframe. This pricing strategy ensures equal opportunities for users to secure their desired name. Reportedly, no premium fee will be charged post-auction. For now, users can only claim one basename per wallet for early access.
Features and availability of Basenames
ENS subdomains allow users to create multiple ENS identities under an existing domain within the Ethereum ecosystem. It is similar to the subdomains function on websites. Networks such as Polygon, Solana, Arbitrum One, and BNB Chain host their web3 usernames through domain infrastructure providers like Unstoppable Domains and Space ID.
Growth of transactions in Ethereum L2 network
On August 13, Ethereum layer-2 networks recorded 12.52 million transactions, setting a new all-time high. This marks a significant increase from the previous high of 11.5 million transactions set on April 4. The surge in market activity is primarily attributed to Coinbase’s Base and Arbitrum One. On the day of the ATH, Base accounted for 3.98 million transactions. Meanwhile, Arbitrum One recorded 1.79 million transactions. Notably, Base and Arbitrum One were the only networks to record over 1 million transactions that day. Additionally, Base leads with 3.25 million weekly active addresses, with 9.1% involved in cross-chain transactions. Arbitrum follows with 1.11 million weekly active addresses.
The launch of the Basenames feature in the Base network enhances Ethereum interactions through ENS infrastructure, creating new opportunities for users. It also contributes to the increased transactions and activity in Ethereum L2 networks.
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