Base Could Issue a Native Token, Says Creator Jesse Pollak

TL;DR

• Coinbase’s L2 network Base is exploring the possibility of launching a native token.

• Jesse Pollak revealed that the plan is still in its early stages, with no clear date for issuing the token.

Base Explores Issuing a Native Token

Jesse Pollak, the creator of the Base network, has revealed that they are currently exploring the possibility of issuing a native token. Base is the layer-2 network of Coinbase, one of the leading cryptocurrency exchanges in the world. 

Pollak revealed this during a BaseCamp event on Monday. He stated that, 

"We're going to be exploring a network token. I will be up front with y'all, it's early."

This latest development comes despite Coinbase revealing in 2023 that it had no plans to issue a native token for the Base network. With no details at the moment, it remains unclear whether the native token will serve as a governance token for the Base network or if it will have on-chain utility. 

However, Pollak added that Base will build the token on the Ethereum blockchain and will work with regulators on issuance and distribution.

"As a U.S. company, we’re committed to working with regulators and legislators, and doing this right," he added.

Base is currently the second-largest L2 behind Arbitrum, with a total value locked (TVL) of over $5 billion. Despite having a smaller TVL, Base has currently surpassed Arbitrum in terms of on-chain activities. 

Base has more than seven times the number of user operations per second (UOPS) than Arbitrum. Over the last 30 days, Base processed 328 million transactions, nearly four times the 77 million recorded by Arbitrum. 

The Base native coin could gain massive adoption thanks to the network’s massive usage and Coinbase being one of the largest cryptocurrency exchanges in the world.