Coinbase’s Base Network Weighs Launch of Native Token Amid Surging Metrics

Pollak Says Exploration Is Still Early as Base Surpasses Rivals

Coinbase’s Ethereum Layer-2 network Base is openly weighing the possibility of launching a native token after months of speculation, signaling a shift from earlier positions that dismissed the idea. On September 15, 2025, Jesse Pollak, the creator of Base, confirmed at the BaseCamp event that the network is “beginning to explore a network token,” but emphasized the move is still in its early stages. “I will be up front with y’all, it’s early,” he said, noting there are no details yet on timing, mechanics, governance, or distribution. 

The remarks highlight a stark departure from Coinbase management’s stance in 2023, when Brian Armstrong said there were no plans for a Base token. At the time, Chief Legal Officer Paul Grewal suggested such a move “could be viable at some point in the future,” leaving the door open.

Base currently processes transactions without needing its own token, relying on Ethereum’s security and using ETH for fees. Pollak pointed out that Coinbase will work closely with regulators and legislators before moving forward, stressing, “As a U.S. company, we’re committed to working with regulators and legislators, and doing this right.” A post from Base’s official account reinforced the uncertainty, explaining, “We’re in the early phases of exploration, and don’t have any specifics to share around timing, design, or governance. We’re committed to bringing the community along with us, and building in the open.” Analysts suggest motivations for considering a token include fueling growth and potentially using incentives such as airdrops to deepen user engagement.

The scale of Base’s growth provides strong context for why Coinbase may now be willing to entertain a native token. Since its launch in 2023, Base has built up roughly $5 billion in total value locked, with $1.7 billion added this year alone. That makes it the largest Ethereum Layer-2 network by capital locked, overtaking Arbitrum, which holds $3.45 billion. Transaction volumes underscore the gap: Base handled about 13 million transactions in a single day across 864,000 active addresses. Over a 30-day stretch, Base recorded 328 million transactions, far outpacing Arbitrum’s 77 million in the same period. Pollak noted that Base manages seven times the number of user operations per second compared with Arbitrum, illustrating how quickly activity has scaled.

Comparisons with other networks highlight the economic potential of such a token. Mantle, currently the most valuable Layer-2 token by coin market cap, sits at $5.3 billion despite only $219 million locked on its network. Tokens from Polygon, Optimism, and Arbitrum carry valuations between $1.3 billion and $2.7 billion, with locked capital above Mantle’s. The gap between token values and usage metrics indicates Base could become one of the most significant launches yet if Coinbase proceeds. For market observers tracking the crypto price index, the decision could shift sentiment across Ethereum Layer-2 tokens and expand how investors evaluate a network’s economic activity beyond TVL and transaction counts.

The discussion marks a notable evolution for Coinbase, from rejecting the idea of a Base token outright to exploring how it could accelerate the project’s mission. While no timeline has been committed, the combination of explosive growth in user activity, leading position in total value locked, and comparisons with rival L2 tokens has sparked renewed focus on whether Coinbase’s network will introduce its own asset. The outcome could redefine perceptions of Base not only as the largest Ethereum Layer-2 by TVL but also as a new heavyweight in the broader crypto price market.

This article has been refined and enhanced by ChatGPT.