diff --git a/CHANGELOG.md b/CHANGELOG.md
index 35fb5a55..dd158488 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,11 +3,14 @@
 ## Unreleased
 
 - Drop support for Laravel Lumen (#579)
+- Set the tracing transaction name on the `Illuminate\Routing\Events\RouteMatched` instead of at the end of the request (#580)
+- Remove `Sentry\Integration::extractNameForRoute()`, it's alternative `Sentry\Integration::extractNameAndSourceForRoute()` is marked as `@internal` (#580)
 - Drop support for Laravel 5.x (#581)
 
 ## 2.14.1
 
 - Fix not setting the correct SDK ID and version when running the `sentry:test` command (#582)
+- Transaction names now only show the parameterized URL (`/some/{route}`) instead of the route name or controller class (#583)
 
 ## 2.14.0
 
diff --git a/config/sentry.php b/config/sentry.php
index b0e4b700..08c918bf 100644
--- a/config/sentry.php
+++ b/config/sentry.php
@@ -45,6 +45,9 @@
 
         // Indicates if the tracing integrations supplied by Sentry should be loaded
         'default_integrations' => true,
+
+        // Indicates that requests without a matching route should be traced
+        'missing_routes' => false,
     ],
 
     // @see: https://docs.sentry.io/platforms/php/configuration/options/#send-default-pii
@@ -52,6 +55,4 @@
 
     'traces_sample_rate' => (float)(env('SENTRY_TRACES_SAMPLE_RATE', 0.0)),
 
-    'controllers_base_namespace' => env('SENTRY_CONTROLLERS_BASE_NAMESPACE', 'App\\Http\\Controllers'),
-
 ];
diff --git a/src/Sentry/Laravel/Integration.php b/src/Sentry/Laravel/Integration.php
index 6254d84b..8f683781 100644
--- a/src/Sentry/Laravel/Integration.php
+++ b/src/Sentry/Laravel/Integration.php
@@ -6,6 +6,7 @@
 use Illuminate\Support\Str;
 use Sentry\SentrySdk;
 use Sentry\Tracing\Span;
+use Sentry\Tracing\Transaction;
 use Sentry\Tracing\TransactionSource;
 use function Sentry\addBreadcrumb;
 use function Sentry\configureScope;
@@ -21,11 +22,6 @@ class Integration implements IntegrationInterface
      */
     private static $transaction;
 
-    /**
-     * @var null|string
-     */
-    private static $baseControllerNamespace;
-
     /**
      * {@inheritdoc}
      */
@@ -94,14 +90,6 @@ public static function setTransaction(?string $transaction): void
         self::$transaction = $transaction;
     }
 
-    /**
-     * @param null|string $namespace
-     */
-    public static function setControllersBaseNamespace(?string $namespace): void
-    {
-        self::$baseControllerNamespace = $namespace !== null ? trim($namespace, '\\') : null;
-    }
-
     /**
      * Block until all async events are processed for the HTTP transport.
      *
@@ -117,21 +105,6 @@ public static function flushEvents(): void
         }
     }
 
-    /**
-     * Extract the readable name for a route.
-     *
-     * @param \Illuminate\Routing\Route $route
-     *
-     * @return string
-     *
-     * @internal   This helper is used in various places to extra meaninful info from a Laravel Route object.
-     * @deprecated This will be removed in version 3.0, use `extractNameAndSourceForRoute` instead.
-     */
-    public static function extractNameForRoute(Route $route): string
-    {
-        return self::extractNameAndSourceForRoute($route)[0];
-    }
-
     /**
      * Extract the readable name for a route and the transaction source for where that route name came from.
      *
@@ -143,75 +116,10 @@ public static function extractNameForRoute(Route $route): string
      */
     public static function extractNameAndSourceForRoute(Route $route): array
     {
-        $source = null;
-        $routeName = null;
-
-        // some.action (route name/alias)
-        if ($route->getName()) {
-            $source = TransactionSource::component();
-            $routeName = self::extractNameForNamedRoute($route->getName());
-        }
-
-        // Some\Controller@someAction (controller action)
-        if (empty($routeName) && $route->getActionName()) {
-            $source = TransactionSource::component();
-            $routeName = self::extractNameForActionRoute($route->getActionName());
-        }
-
-        // /some/{action} // Fallback to the route uri (with parameter placeholders)
-        if (empty($routeName) || $routeName === 'Closure') {
-            $source = TransactionSource::route();
-            $routeName = '/' . ltrim($route->uri(), '/');
-        }
-
-        return [$routeName, $source];
-    }
-
-    /**
-     * Take a route name and return it only if it's a usable route name.
-     *
-     * @param string $name
-     *
-     * @return string|null
-     */
-    private static function extractNameForNamedRoute(string $name): ?string
-    {
-        // Laravel 7 route caching generates a route names if the user didn't specify one
-        // theirselfs to optimize route matching. These route names are useless to the
-        // developer so if we encounter a generated route name we discard the value
-        if (Str::contains($name, 'generated::')) {
-            return null;
-        }
-
-        // If the route name ends with a `.` we assume an incomplete group name prefix
-        // we discard this value since it will most likely not mean anything to the
-        // developer and will be duplicated by other unnamed routes in the group
-        if (Str::endsWith($name, '.')) {
-            return null;
-        }
-
-        return $name;
-    }
-
-    /**
-     * Take a controller action and strip away the base namespace if needed.
-     *
-     * @param string $action
-     *
-     * @return string
-     */
-    private static function extractNameForActionRoute(string $action): string
-    {
-        $routeName = ltrim($action, '\\');
-
-        $baseNamespace = self::$baseControllerNamespace ?? '';
-
-        if (empty($baseNamespace)) {
-            return $routeName;
-        }
-
-        // Strip away the base namespace from the action name
-        return ltrim(Str::after($routeName, $baseNamespace), '\\');
+        return [
+            '/' . ltrim($route->uri(), '/'),
+            TransactionSource::route()
+        ];
     }
 
     /**
@@ -258,6 +166,18 @@ public static function sentryBaggageMeta(): string
         return sprintf('<meta name="baggage" content="%s"/>', $span->toBaggage());
     }
 
+    /**
+     * Get the current active tracing span from the scope.
+     *
+     * @return \Sentry\Tracing\Transaction|null
+     *
+     * @internal This is used internally as an easy way to retrieve the current active transaction.
+     */
+    public static function currentTransaction(): ?Transaction
+    {
+        return SentrySdk::getCurrentHub()->getTransaction();
+    }
+
     /**
      * Get the current active tracing span from the scope.
      *
diff --git a/src/Sentry/Laravel/ServiceProvider.php b/src/Sentry/Laravel/ServiceProvider.php
index 9edb5015..5b8bf12a 100644
--- a/src/Sentry/Laravel/ServiceProvider.php
+++ b/src/Sentry/Laravel/ServiceProvider.php
@@ -33,7 +33,8 @@ class ServiceProvider extends BaseServiceProvider
         'integrations',
         // This is kept for backwards compatibility and can be dropped in a future breaking release
         'breadcrumbs.sql_bindings',
-        // The base namespace for controllers to strip of the beginning of controller class names
+
+        // This config option is no longer in use but to prevent errors when upgrading we leave it here to be discarded
         'controllers_base_namespace',
     ];
 
@@ -125,12 +126,6 @@ protected function registerArtisanCommands(): void
      */
     protected function configureAndRegisterClient(): void
     {
-        $userConfig = $this->getUserConfig();
-
-        if (isset($userConfig['controllers_base_namespace'])) {
-            Integration::setControllersBaseNamespace($userConfig['controllers_base_namespace']);
-        }
-
         $this->app->bind(ClientBuilderInterface::class, function () {
             $basePath   = base_path();
             $userConfig = $this->getUserConfig();
@@ -161,7 +156,7 @@ protected function configureAndRegisterClient(): void
             return $clientBuilder;
         });
 
-        $this->app->singleton(HubInterface::class, function ($app) {
+        $this->app->singleton(HubInterface::class, function () {
             /** @var \Sentry\ClientBuilderInterface $clientBuilder */
             $clientBuilder = $this->app->make(ClientBuilderInterface::class);
 
@@ -169,7 +164,7 @@ protected function configureAndRegisterClient(): void
 
             $userIntegrations = $this->resolveIntegrationsFromUserConfig();
 
-            $options->setIntegrations(function (array $integrations) use ($options, $userIntegrations, $app) {
+            $options->setIntegrations(function (array $integrations) use ($options, $userIntegrations) {
                 if ($options->hasDefaultIntegrations()) {
                     // Remove the default error and fatal exception listeners to let Laravel handle those
                     // itself. These event are still bubbling up through the documented changes in the users
diff --git a/src/Sentry/Laravel/Tracing/EventHandler.php b/src/Sentry/Laravel/Tracing/EventHandler.php
index bcba08b7..d971d32a 100644
--- a/src/Sentry/Laravel/Tracing/EventHandler.php
+++ b/src/Sentry/Laravel/Tracing/EventHandler.php
@@ -7,9 +7,11 @@
 use Illuminate\Contracts\Container\Container;
 use Illuminate\Contracts\Events\Dispatcher;
 use Illuminate\Database\Events as DatabaseEvents;
+use Illuminate\Http\Client\Events as HttpClientEvents;
 use Illuminate\Queue\Events as QueueEvents;
 use Illuminate\Queue\Queue;
 use Illuminate\Queue\QueueManager;
+use Illuminate\Routing\Events as RoutingEvents;
 use RuntimeException;
 use Sentry\Laravel\Integration;
 use Sentry\SentrySdk;
@@ -30,7 +32,11 @@ class EventHandler
      * @var array
      */
     protected static $eventHandlerMap = [
+        RoutingEvents\RouteMatched::class => 'routeMatched',
         DatabaseEvents\QueryExecuted::class => 'queryExecuted',
+        HttpClientEvents\RequestSending::class => 'httpClientRequestSending',
+        HttpClientEvents\ResponseReceived::class => 'httpClientResponseReceived',
+        HttpClientEvents\ConnectionFailed::class => 'httpClientConnectionFailed',
     ];
 
     /**
@@ -93,6 +99,20 @@ class EventHandler
      */
     private $currentQueueJobSpan;
 
+    /**
+     * Holds a reference to the parent http client request span.
+     *
+     * @var \Sentry\Tracing\Span|null
+     */
+    private $parentHttpClientRequestSpan;
+
+    /**
+     * Holds a reference to the current http client request span.
+     *
+     * @var \Sentry\Tracing\Span|null
+     */
+    private $currentHttpClientRequestSpan;
+
     /**
      * The backtrace helper.
      *
@@ -122,6 +142,7 @@ public function __construct(Container $container, BacktraceHelper $backtraceHelp
     /**
      * Attach all event handlers.
      *
+     * @uses self::routeMatchedHandler()
      * @uses self::queryExecutedHandler()
      */
     public function subscribe(): void
@@ -202,6 +223,20 @@ public function __call(string $method, array $arguments)
         }
     }
 
+    protected function routeMatchedHandler(RoutingEvents\RouteMatched $match): void
+    {
+        $transaction = Integration::currentTransaction();
+
+        if ($transaction === null) {
+            return;
+        }
+
+        [$transactionName, $transactionSource] = Integration::extractNameAndSourceForRoute($match->route);
+
+        $transaction->setName($transactionName);
+        $transaction->getMetadata()->setSource($transactionSource);
+    }
+
     protected function queryExecutedHandler(DatabaseEvents\QueryExecuted $query): void
     {
         if (!$this->traceSqlQueries) {
@@ -250,6 +285,56 @@ private function resolveQueryOriginFromBacktrace(): ?string
         return "{$filePath}:{$firstAppFrame->getLine()}";
     }
 
+    protected function httpClientRequestSendingHandler(HttpClientEvents\RequestSending $event): void
+    {
+        $parentSpan = Integration::currentTracingSpan();
+
+        if ($parentSpan === null) {
+            return;
+        }
+
+        $context = new SpanContext;
+
+        $context->setOp('http.client');
+        $context->setDescription($event->request->method() . ' ' . $event->request->url());
+        $context->setStartTimestamp(microtime(true));
+
+        $this->currentHttpClientRequestSpan = $parentSpan->startChild($context);
+
+        $this->parentHttpClientRequestSpan = $parentSpan;
+
+        SentrySdk::getCurrentHub()->setSpan($this->currentHttpClientRequestSpan);
+    }
+
+    protected function httpClientResponseReceivedHandler(HttpClientEvents\ResponseReceived $event): void
+    {
+        if ($this->currentHttpClientRequestSpan !== null) {
+            $this->currentHttpClientRequestSpan->setHttpStatus($event->response->status());
+            $this->afterHttpClientRequest();
+        }
+    }
+
+    protected function httpClientConnectionFailedHandler(HttpClientEvents\ConnectionFailed $event): void
+    {
+        if ($this->currentHttpClientRequestSpan !== null) {
+            $this->currentHttpClientRequestSpan->setStatus(SpanStatus::internalError());
+            $this->afterHttpClientRequest();
+        }
+    }
+
+    private function afterHttpClientRequest(): void
+    {
+        if ($this->currentHttpClientRequestSpan === null) {
+            return;
+        }
+
+        $this->currentHttpClientRequestSpan->finish();
+        $this->currentHttpClientRequestSpan = null;
+
+        SentrySdk::getCurrentHub()->setSpan($this->parentHttpClientRequestSpan);
+        $this->parentHttpClientRequestSpan = null;
+    }
+
     protected function queueJobProcessingHandler(QueueEvents\JobProcessing $event): void
     {
         $parentSpan = Integration::currentTracingSpan();
@@ -278,24 +363,18 @@ protected function queueJobProcessingHandler(QueueEvents\JobProcessing $event):
             $context = new SpanContext;
         }
 
+        $resolvedJobName = $event->job->resolveName();
+
         $job = [
             'job' => $event->job->getName(),
             'queue' => $event->job->getQueue(),
+            'resolved' => $event->job->resolveName(),
             'attempts' => $event->job->attempts(),
             'connection' => $event->connectionName,
         ];
 
-        // Resolve name exists only from Laravel 5.3+
-        $resolvedJobName = method_exists($event->job, 'resolveName')
-            ? $event->job->resolveName()
-            : null;
-
-        if ($resolvedJobName !== null) {
-            $job['resolved'] = $resolvedJobName;
-        }
-
         if ($context instanceof TransactionContext) {
-            $context->setName($resolvedJobName ?? $event->job->getName());
+            $context->setName($resolvedJobName);
             $context->setSource(TransactionSource::task());
         }
 
diff --git a/src/Sentry/Laravel/Tracing/Middleware.php b/src/Sentry/Laravel/Tracing/Middleware.php
index 460ec941..33d2afe2 100644
--- a/src/Sentry/Laravel/Tracing/Middleware.php
+++ b/src/Sentry/Laravel/Tracing/Middleware.php
@@ -4,15 +4,13 @@
 
 use Closure;
 use Illuminate\Http\Request;
-use Illuminate\Routing\Route;
-use Sentry\Laravel\Integration;
 use Sentry\SentrySdk;
 use Sentry\State\HubInterface;
 use Sentry\Tracing\Span;
 use Sentry\Tracing\SpanContext;
 use Sentry\Tracing\TransactionContext;
 use Sentry\Tracing\TransactionSource;
-use Symfony\Component\HttpFoundation\Response;
+use Symfony\Component\HttpFoundation\Response as SymfonyResponse;
 
 class Middleware
 {
@@ -45,7 +43,7 @@ class Middleware
      *
      * @return mixed
      */
-    public function handle($request, Closure $next)
+    public function handle(Request $request, Closure $next)
     {
         if (app()->bound(HubInterface::class)) {
             $this->startTransaction($request, app(HubInterface::class));
@@ -57,14 +55,19 @@ public function handle($request, Closure $next)
     /**
      * Handle the application termination.
      *
-     * @param \Illuminate\Http\Request                   $request
-     * @param \Symfony\Component\HttpFoundation\Response $response
+     * @param \Illuminate\Http\Request $request
+     * @param mixed                    $response
      *
      * @return void
      */
-    public function terminate($request, $response): void
+    public function terminate(Request $request, $response): void
     {
         if ($this->transaction !== null && app()->bound(HubInterface::class)) {
+            // We stop here if a route has not been matched unless we are configured to trace missing routes
+            if (config('sentry.tracing.missing_routes', false) === false && $request->route() === null) {
+                return;
+            }
+
             if ($this->appSpan !== null) {
                 $this->appSpan->finish();
             }
@@ -73,11 +76,7 @@ public function terminate($request, $response): void
             // If the transaction is not on the scope during finish, the trace.context is wrong
             SentrySdk::getCurrentHub()->setSpan($this->transaction);
 
-            if ($request instanceof Request) {
-                $this->hydrateRequestData($request);
-            }
-
-            if ($response instanceof Response) {
+            if ($response instanceof SymfonyResponse) {
                 $this->hydrateResponseData($response);
             }
 
@@ -108,12 +107,17 @@ private function startTransaction(Request $request, HubInterface $sentry): void
             $request->header('baggage', '')
         );
 
+        $requestPath = '/' . ltrim($request->path(), '/');
+
         $context->setOp('http.server');
+        $context->setName($requestPath);
+        $context->setSource(TransactionSource::url());
+        $context->setStartTimestamp($requestStartTime);
+
         $context->setData([
-            'url' => '/' . ltrim($request->path(), '/'),
+            'url' => $requestPath,
             'method' => strtoupper($request->method()),
         ]);
-        $context->setStartTimestamp($requestStartTime);
 
         $this->transaction = $sentry->startTransaction($context);
 
@@ -122,7 +126,7 @@ private function startTransaction(Request $request, HubInterface $sentry): void
 
         $bootstrapSpan = $this->addAppBootstrapSpan($request);
 
-        $appContextStart = new SpanContext();
+        $appContextStart = new SpanContext;
         $appContextStart->setOp('middleware.handle');
         $appContextStart->setStartTimestamp($bootstrapSpan ? $bootstrapSpan->getEndTimestamp() : microtime(true));
 
@@ -143,7 +147,7 @@ private function addAppBootstrapSpan(Request $request): ?Span
             return null;
         }
 
-        $spanContextStart = new SpanContext();
+        $spanContextStart = new SpanContext;
         $spanContextStart->setOp('app.bootstrap');
         $spanContextStart->setStartTimestamp($laravelStartTime);
         $spanContextStart->setEndTimestamp($this->bootedTimestamp);
@@ -175,45 +179,8 @@ private function addBootDetailTimeSpans(Span $bootstrap): void
         $bootstrap->startChild($autoload);
     }
 
-    private function hydrateRequestData(Request $request): void
-    {
-        $route = $request->route();
-
-        if ($route instanceof Route) {
-            [$transactionName, $transactionSource] = Integration::extractNameAndSourceForRoute($route);
-
-            $this->updateTransactionNameIfDefault($transactionName, $transactionSource);
-
-            $this->transaction->setData([
-                'name' => $route->getName(),
-                'action' => $route->getActionName(),
-                'method' => $request->getMethod(),
-            ]);
-        }
-
-        $this->updateTransactionNameIfDefault('/' . ltrim($request->path(), '/'), TransactionSource::url());
-    }
-
-    private function hydrateResponseData(Response $response): void
+    private function hydrateResponseData(SymfonyResponse $response): void
     {
         $this->transaction->setHttpStatus($response->getStatusCode());
     }
-
-    private function updateTransactionNameIfDefault(?string $name, ?TransactionSource $source): void
-    {
-        // Ignore empty names (and `null`) for caller convenience
-        if (empty($name)) {
-            return;
-        }
-
-        // If the transaction already has a name other than the default
-        // ignore the new name, this will most occur if the user has set a
-        // transaction name themself before the application reaches this point
-        if ($this->transaction->getName() !== TransactionContext::DEFAULT_NAME) {
-            return;
-        }
-
-        $this->transaction->setName($name);
-        $this->transaction->getMetadata()->setSource($source ?? TransactionSource::custom());
-    }
 }
diff --git a/test/Sentry/IntegrationTest.php b/test/Sentry/IntegrationTest.php
index 2365931b..a2ed7af2 100644
--- a/test/Sentry/IntegrationTest.php
+++ b/test/Sentry/IntegrationTest.php
@@ -9,6 +9,7 @@
 use Sentry\Event;
 use Sentry\Laravel\Integration;
 use Sentry\State\Scope;
+use Sentry\Tracing\TransactionSource;
 use function Sentry\withScope;
 
 class IntegrationTest extends SentryLaravelTestCase
@@ -88,36 +89,11 @@ public function testTransactionIsNotAppliedToEventWhenTransactionIsAlreadySet():
         });
     }
 
-    public function testExtractingNameForRouteWithName(): void
-    {
-        $route = (new Route('GET', '/foo', []))->name($routeName = 'foo-bar');
-
-        $this->assertSame($routeName, Integration::extractNameForRoute($route));
-    }
-
-    public function testExtractingNameForRouteWithAction(): void
-    {
-        $route = (new Route('GET', '/foo', [
-            'controller' => $controller = 'SomeController@someAction',
-        ]));
-
-        $this->assertSame($controller, Integration::extractNameForRoute($route));
-    }
-
     public function testExtractingNameForRouteWithoutName(): void
     {
         $route = new Route('GET', $url = '/foo', []);
 
-        $this->assertSame($url, Integration::extractNameForRoute($route));
-    }
-
-    public function testExtractingNameForRouteWithActionAndName(): void
-    {
-        $route = (new Route('GET', '/foo', [
-            'controller' => 'SomeController@someAction',
-        ]))->name($routeName = 'foo-bar');
-
-        $this->assertSame($routeName, Integration::extractNameForRoute($route));
+        $this->assetRouteNameAndSource($route, $url, TransactionSource::route());
     }
 
     public function testExtractingNameForRouteWithAutoGeneratedName(): void
@@ -125,26 +101,21 @@ public function testExtractingNameForRouteWithAutoGeneratedName(): void
         // We fake a generated name here, Laravel generates them each starting with `generated::`
         $route = (new Route('GET', $url = '/foo', []))->name('generated::KoAePbpBofo01ey4');
 
-        $this->assertSame($url, Integration::extractNameForRoute($route));
+        $this->assetRouteNameAndSource($route, $url, TransactionSource::route());
     }
 
     public function testExtractingNameForRouteWithIncompleteGroupName(): void
     {
         $route = (new Route('GET', $url = '/foo', []))->name('group-name.');
 
-        $this->assertSame($url, Integration::extractNameForRoute($route));
+        $this->assetRouteNameAndSource($route, $url, TransactionSource::route());
     }
 
-    public function testExtractingNameForRouteWithStrippedBaseNamespaceFromAction(): void
+    private function assetRouteNameAndSource(Route $route, string $expectedName, TransactionSource $expectedSource): void
     {
-        Integration::setControllersBaseNamespace('BaseNamespace');
-
-        $route = (new Route('GET', '/foo', [
-            'controller' => 'BaseNamespace\\SomeController@someAction',
-        ]));
-
-        $this->assertSame('SomeController@someAction', Integration::extractNameForRoute($route));
+        [$actualName, $actualSource] = Integration::extractNameAndSourceForRoute($route);
 
-        Integration::setControllersBaseNamespace(null);
+        $this->assertSame($expectedName, $actualName);
+        $this->assertSame($expectedSource, $actualSource);
     }
 }