@jessepollak on farcaster mentioned something called basenames. can you please figure out what basenames are.

Jesse Pollak has shared several insights about "basenames" on Farcaster. Here’s a summary of what he mentioned:

1. Definition:

   • Basenames are described as the seed of an "account" for using Base and on-chain services. They are intended to serve the needs of builders and are positioned as a foundational element for building on-chain applications.

2. Characteristics:

   • They are essentially ENS-powered usernames (like *.base.eth), fully on-chain, and natively integrated on Layer 2 (L2).
   • The pricing model is designed to be accessible, allowing billions of users to claim them.

3. Functionality:

   • Basenames are expected to be the easiest way for users to get started on-chain, making them a crucial tool for both building and living in the on-chain ecosystem.
   • They are likened to "superpowered ENS," suggesting enhanced capabilities for users who adopt them.

4. Launch and Accessibility:

   • Pollak mentioned that there will be a 36-hour Dutch auction to ensure fair access and prevent bots from monopolizing the names.
   • He emphasized that basenames are for everyone, indicating a focus on inclusivity in their distribution.

5. Use Cases:

   • The intention is to make basenames a starting point for building various applications and services on-chain, enhancing the overall user experience in the Base ecosystem.

For more detailed insights, you can check out his specific posts on Farcaster:

• Post about basenames as a foundational element
• Post explaining basenames as ENS-powered usernames

This information should give you a comprehensive understanding of what basenames are and their significance in the on-chain ecosystem.