Coinbase's Base Blockchain Explores Native Token, Reversing Previous Stance

Coinbase's Layer-2 blockchain, Base, is actively exploring the issuance of a native network token, marking a significant reversal from its long-held position of not having such a token. This development, announced by Base creator Jesse Pollak at the recent BaseCamp event, aligns with speculation circulating on social media, including a tweet from user CBduck 🟦 stating, "> I just found a good and first home for @base $BASE token. Pre-launch by 3Q!!?".

The exploration of a native token aims to accelerate the decentralization of the Base network and expand opportunities for developers and creators within its ecosystem. Coinbase CEO Brian Armstrong confirmed the initiative, noting that while "there are no definitive plans" regarding timing, design, or governance, the company is committed to working with regulators and legislators on its potential distribution. This shift comes after Base previously emphasized operating without a proprietary token, relying instead on Ethereum's Ether (ETH) for gas fees.

Base, built on Optimism's OP Stack, has rapidly grown since its launch in 2023, accumulating $5 billion in total value locked (TVL) and becoming the second-largest Layer-2 network after Arbitrum. The network's high transaction volume and user engagement highlight its critical role in the broader Ethereum ecosystem. The potential introduction of a native token could further incentivize participation and governance within this rapidly expanding network.

While the "Pre-launch by 3Q" mentioned in the tweet suggests a potential timeline, Base officials have stressed that these are early phases of exploration. The move is seen as a strategic step to foster a more open, accessible, and community-driven ecosystem. Market observers will be closely watching for further details on the token's design and its impact on Base's future trajectory.