Coinbase announced that its popular Ethereum layer-2 (L2) network, Base, is officially exploring the launch of its own native token.
When Base debuted in 2023 as a developer-friendly, low-cost L2 built on Ethereum, Coinbase’s leadership was clear: there were “no plans to issue a token” at launch. This is due to a public focus on maturing the network before introducing asset incentives.
In just two years, Base has surged to become the second-largest Ethereum L2 by total value locked (TVL). They account for over $5 billion in TVL and millions of monthly active addresses.
At BaseCamp 2025, network creator Jesse Pollak confirmed the move to tokenisation, saying, “We’re going to be exploring a network token.” He emphasised that the initiative is still in its early phases and that no formal schedule, design, or governance structure are available yet. Any future token, according to Pollak and Coinbase, aims to be on Ethereum and created in close coordination with international regulators to give compliance and transparency first priority.
Why Base Needs a Token
Increasing network decentralisation and empowering the Base community are the primary driving forces. New governance methods, ecosystem participants, and incentives for developers and users to build and transact on Base—including possible airdrops that may benefit early adopters, developers, and even Coinbase shareholders—could all unlock with a native token.
As a sign of this new phase, Base also introduced an open-source bridge to Solana—part of a larger push for interoperability and cross-chain liquidity to attract new projects and assets.
Regulatory Influence on Token Timing
The timing of Base’s announcement is no accident. Changes in the U.S. regulatory environment and growing adoption of L2 platforms have set the stage for more innovative token launches. Coinbase has signaled an intent to bring the community along in an open, collaborative process, with speculation mounting over the nature of potential airdrops and broader benefits for the network’s active users.
Ecosystem metrics are solid: Base has processed sub-second, sub-cent transactions and led NFT activity, recently ranking among the top Ethereum L2s for trading volume.
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