Base, the layer-2 blockchain developed by Coinbase, is exploring issuing a native token, a potential move that could increase user engagement as individuals strive to qualify for a possible airdrop.
“We’re going to be exploring a network token,” the network’s creator, Jesse Pollak, mentioned at the BaseCamp event held on Monday.
What to know:
- Jesse Pollak indicated that the Coinbase-supported network is investigating the issuance of a native token while noting that the initiative is still in its early phases.
- If introduced, the token will be constructed on Ethereum, with Base collaborating with regulators to ensure compliance with distribution.
- Since its launch in 2023, Base has secured $5 billion in total value, positioning it as the largest layer-2 blockchain after Arbitrum.
Pollak admitted, “I will be up front with y’all, it’s early,” i.e., projecting a cautious approach regarding the release timeline.
Initially, when Base launched, Coinbase expressed no intention to generate a token; however, it remains ambiguous if the forthcoming token will serve as a conventional governance tool or possess on-chain utility. Pollak assured that Base is committed to developing the token on Ethereum and will coordinate closely with regulators regarding its issuance and distribution.
“As a U.S. company, we’re committed to working with regulators and legislators, and doing this right,” he reiterated.
In a remarkable feat, Base has accumulated $5 billion in total value locked (TVL) since its introduction, with $1.7 billion added in 2025 alone. Currently, it is the most significant layer-2 network by TVL, trailing only behind Arbitrum.
The leading layer-2 token presently is mantle (MNT), with a market capitalization of $5.3 billion, notwithstanding only $219 million in capital locked within the network. This amount is approximately double the value of tokens from Polygon, Arbitrum, and Optimism, which are well-known layer-2 networks with market caps ranging from $1.3 billion to $2.7 billion.
Even though TVL is lower, Base has seven times the number of user operations per second (UOPS) compared to Arbitrum; its transaction count in the last 30 days reached 328 million, significantly surpassing Arbitrum’s 77 million transactions.
Both networks have outperformed the Ethereum mainnet, which processed fewer than 50 million transactions in the same time frame.
