Base, the layer-2 blockchain developed by Coinbase, is considering the issuance of a native token, a strategy that could significantly increase user engagement as individuals vie for potential airdrop eligibility. Jesse Pollak, the network’s creator, announced this initiative during the BaseCamp event on Monday, stating, “We’re going to be exploring a network token.” He cautioned attendees that this concept is still in the early stages, indicating that the timeline for a potential release remains uncertain.
Initially, when Base launched in 2023, Coinbase had indicated there were no plans for a token. The current considerations raise questions about whether the prospective token will serve as a governance mechanism or offer on-chain utility. Pollak reaffirmed that Base is dedicated to building the token on Ethereum and emphasized the importance of collaborating with regulators regarding the token’s issuance and distribution. “As a U.S. company, we’re committed to working with regulators and legislators, and doing this right,” he noted.
Since its inception, Base has successfully accumulated $5 billion in total value locked (TVL), with a notable $1.7 billion added in just 2025. This positions Base as the second-largest layer-2 network in terms of TVL, trailing only Arbitrum, according to data from L2Beat.
Currently, the largest layer-2 token by market capitalization is Mantle (MNT), valued at $5.3 billion, despite having only $219 million secured within its network. In comparison, the native tokens of more established layer-2 networks like Polygon, Arbitrum, and Optimism hold market caps ranging from $1.3 billion to $2.7 billion.
While Base’s TVL might not match its competitors, its operational metrics are impressive. The network boasts seven times the user operations per second compared to Arbitrum. Most notably, over the past 30 days, Base reported a staggering 328 million transactions, overshadowing Arbitrum’s 77 million transactions and even outpacing the Ethereum mainnet, which saw fewer than 50 million transactions in the same timeframe.
As Base explores this new direction, the developments surrounding its potential token issuance will be closely watched, with both users and industry observers eager to see how it unfolds.
