Key Highlights:
- Base’s founder Jesse Pollak has confirmed that they are planning to a launch a native token.
- Coinbase CEO Brian Armstrong also echoed the sentiment.
- However, the specifics of a Base token release remain under wraps as of now.
Coinbase CEO Brian Armstrong and Jesse Pollak, the founder of Coinbase layer-2 blockchain Base, revealed that the project is considering launching its own network token. Although a blueprint is not worked out, he emphasized that it is being done with “maximum transparency” at the first point.
At the BaseCamp gathering, Speaking, Pollak stated that it was deliberate that he decided to recognize the exploration publicly. “We’re in the early phases of our exploration, and don’t have any specifics to share around timing, design, or governance,” he told attendees. He went further to add that the developers did not wish to keep such discussions in a wrap, even though the project is still in flux.
Armstrong also confirmed the development in a post on X:
“We’re exploring a Base network token. It could be a great tool for accelerating decentralization and expanding creator and developer growth in the ecosystem. To be clear, there are no definitive plans. We’re just updating our philosophy. As of now, we’re exploring it.”
Base’s Current Role in the Market
Coinbase incubated Base, an Ethereum layer-2 implementation, which was launched in 2023. The operations are also carried out off the main Ethereum chain and then settled back on the main chain, which provides the network with reduced charges and speeds. It has since become one of the most utilized Ethereum scaling solutions over the last year, and according to Token Terminal, it has been averaging over 20 million active addresses per month.
It has also gained the reputation of being a place where meme coins are traded, but so far it has not made its own native token. The possibility of one already lends some level of speculation to the way such an asset would impact user incentives, governance, and general adoption.
Base had two major goals, according to Pollak, on whether to move forward. The first is “pushing the boundaries of crypto,” while the second is “rewarding ecosystem participation.” Any future design will be fueled by these objectives, although specifics are unknown.
The executives of Coinbase have emphasized that the project will be rooted deep within the ecosystem of Ethereum. “There may be arguments for a multichain future,” Pollak said, “but Base is first and foremost an ETH L-2.”
The other focus has been on compliance. Pollak believes that the company will work with regulators in order to make sure that any network token is created in the context of U.S. law. The political environment, especially with the administration of President Trump, is considered more positive to such moves internally. Such an environment, he proposed, may unlock the doors that were closed when Coinbase had legal disputes with federal agencies.
Building Openness & Interoperability Efforts
Such a move to publicize token talks at this stage indicates a larger movement towards decentralization and transparency. Pollak even confessed that there were internal discussions on whether it would be a better choice to wait till things were more tangible in plans. Finally, the team decided to tell the community at this point. “Transparency should be a major pillar,” he said. He added that transparency should be achieved through communication with builders and users early on.
Besides token exploration, Base introduced the BaseCamp event to introduce an open-source bridge to Solana. The tool will enable assets to fraternize across the two ecosystems and will provide the developers access to broader liquidity pools. This, according to Pollak, is in line with the ethos of collaboration and not isolation that the network is about.
“Base was designed to be a bridge, not an island,” he remarked. Pollak added, “For a better global economy to work, we need it to be interoperable and connected.” Although Coinbase hasn’t guaranteed the launch of a Base token, the transparency of the dialogue has already caused excitement in the crypto industry.
Also Read: Starknet Unlocks Bitcoin Staking with Major Integration Milestone
