Base Names to be available via on-chain Dutch auction for 36 hours after launch
CryptoNewsTerminal Staff19 Aug, 2024
Base Names to be available via on-chain Dutch auction for 36 hours after launch
Base's core developer Jesse Pollak has announced via Twitter that "Base Name Service (Base Names) is for everyone. To prevent bot buying, the only way to get a name for the first 36 hours after launch will be through an on-chain Dutch auction." Base had previously announced it would be launching Base Names tomorrow. Base Names are the equivalent of ENS domains on Ethereum, but for Base, Coinbase's layer-2 network. They allow users to create human-readable names for their Base addresses, making it easier to send and receive payments. The Dutch auction will start at a high price and gradually decrease over the course of 36 hours. This will give everyone a fair chance to get a name, regardless of their budget. After the 36-hour auction, Base Names will be available for purchase on the open market. This is a significant development for Base, as it will make the network more user-friendly and accessible. Base Names will also help to promote the growth of the Base ecosystem, as they will make it easier for users to find and interact with each other.
