The cryptocurrency trading platform Coinbase has faced criticism in the past for its Ethereum L2 solution Base, developed in collaboration with Optimism, due to its "value extraction" from the Ethereum ecosystem. However, Base may finally be on the verge of launching its own token. According to an announcement made by Coinbase on Monday (September 15), relevant plans are being explored.

Since its official launch in 2023, Base has rapidly grown to become one of the standout Layer 2 networks in the Ethereum ecosystem. With its advantages of low costs and high-speed transactions, Base has brought considerable revenue to its parent company, Coinbase. Earlier this year, Standard Chartered even described it as a "predatory network" in a report.

The report pointed out that although Base was developed to address Ethereum's scalability issues, all the profits generated (i.e., fee income minus data recording costs) flow directly to Coinbase. It is estimated that this model has directly led to a "GDP" loss in the Ethereum ecosystem, resulting in a reduction of ETH's market value by approximately $50 billion.

Coinbase CEO Brian Armstrong stated, "We are exploring the launch of a Base network token. This could become an important tool for driving decentralization and promoting the growth of the developer and creator ecosystem. However, it should be noted that there are currently no concrete plans; we are just updating our thinking and are still in the exploratory stage."

Base has now become one of the largest Layer 2 networks in the Ethereum ecosystem, with a total value locked (TVL) exceeding $5 billion, and daily active users and transaction volumes continue to grow. In this context, issuing a native token would help enhance the network's decentralized governance, incentivize community participation, and provide more incentives for developers.

At the BaseCamp conference in September this year, Base founder Jesse Pollak mentioned that exploring a network token is one way to realize the vision of a global on-chain economy. The Base network token has the potential to accelerate Base's decentralization and expand opportunities for developers and creators within the ecosystem.

Additionally, changes in the regulatory environment are one of the main reasons prompting Coinbase to consider issuing a token for Base. In the past, native tokens of exchanges often faced strict scrutiny, and regulators had concerns about their legality and compliance, which had made Coinbase cautious about Base. However, as U.S. policies regarding the crypto industry gradually become clearer, especially during the Trump 2.0 era, which has placed cryptocurrency in the spotlight and encouraged innovative pilot programs, the Coinbase team sees the possibility of compliant token issuance.

In addition to exploring the issuance of a native token, Pollak also announced the launch of an open-source bridge connecting Solana during his speech at the BaseCamp event, allowing users to freely transfer assets between the two chains while enabling developers to access a broader liquidity pool. Pollak stated that Base's design philosophy is "a bridge, not an island," and added that the project's goal is to enhance the entire ecosystem through openness and interoperability. "To drive a more complete global on-chain economy, we need Base to have interoperability and connectivity."

The exploration of issuing a native token for Base could have far-reaching impacts from both ecological and market perspectives.

First, from an ecological perspective, a native token could introduce governance and incentive mechanisms to the Base network, binding developers, creators, and users more closely within the ecosystem. Through staking, rewards, and community voting, Base could form a more solid user base and developer ecosystem, further enhancing network activity and transaction volume. At the same time, tokenization also facilitates cross-chain collaboration and liquidity integration; for example, through the Solana open-source bridge, Base users and developers could access larger asset pools and application scenarios, promoting network interoperability and ecosystem expansion.

From the perspective of the Ethereum L2 competitive landscape, the issuance of a token by Base could disrupt the existing balance. Currently, Optimism and Arbitrum have attracted users and developers through token incentives, forming a certain ecological barrier. If Base successfully launches a token, it could not only enhance its own attractiveness but also prompt other L2s to accelerate the optimization of governance and incentive design.

Moreover, if Base successfully issues a token, several projects closely related to the Base ecosystem may also benefit.

Zora (ZORA): A tokenization platform for content creators

Zora is a decentralized content creation platform that allows users to automatically generate tradable ERC-20 tokens from every social media post. Since its deep integration with the Base App, Zora's token price has surged by over 400% in just one week. This growth is primarily attributed to Base's low fees and high throughput, making large-scale content tokenization possible.

Aerodrome Finance (AERO): A decentralized exchange on Base

Aerodrome is one of the main decentralized exchanges on the Base network, providing liquidity pools and trading services. As the activity on the Base network increases, AERO's trading volume and market value have also risen. AERO, as a liquidity provider on Base, has significant growth potential.

BEST Wallet Token (BEST): A Web3 wallet supporting Base

BEST Wallet is a Web3 wallet that supports the Base network, allowing users to manage and trade assets on Base. As the Base network expands and its user base grows, the demand for the $BEST token may also increase, thereby driving up its market value.

Coinbase, in collaboration with Optimism, is planning to explore the issuance of a native token for the Ethereum L2 network Base, which could further promote network decentralization and incentivize the development of the developer and creator ecosystem. With low transaction costs and high throughput, Base has become a standout Layer 2 network in the Ethereum ecosystem, with a total value locked exceeding $5 billion. Issuing a token would not only help introduce governance and incentive mechanisms but could also enhance cross-chain interoperability and liquidity through the Solana open-source bridge. If the token is successfully issued, projects within the Base ecosystem, such as Zora, Aerodrome Finance, and BEST Wallet, may benefit, further solidifying Base's position in the L2 competitive landscape and driving potential appreciation of related assets.

Related: Bitcoin (BTC) analyst predicts: After the ninth bullish RSI signal is triggered, a 35% surge may follow.

Original article: “Base Explores Issuing Native Token: Decentralization Ambitions and Ecosystem Potential in Tandem”

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