TLDR
- Base creator Jesse Pollak announced the Coinbase-backed layer-2 network is exploring issuing a native token at BaseCamp 2025
- Plans remain in early stages with no specifics on timing, design, or governance structure yet available
- The token would be built on Ethereum with Base working alongside regulators on compliance for distribution
- Base has accumulated $5 billion in total value locked since 2023, making it the second-largest layer-2 blockchain
- Base also launched an open-source bridge to Solana to enable cross-chain asset transfers and expand developer opportunities
Base, the layer-2 blockchain developed by Coinbase, is exploring the possibility of issuing a native token. The announcement came from network creator Jesse Pollak at the BaseCamp 2025 event on Monday.
“We’re going to be exploring a network token,” Pollak told attendees. He stressed that plans remain in the early stages with no concrete timeline for release.
Shift from Previous Position
This announcement marks a change from Base’s original stance. When the network launched in 2023, Coinbase stated it had no plans to issue a token.
As recently as November 2024, Pollak wrote on X that there were no plans for a Base network token. He emphasized the team’s focus on building and solving real problems.
hyperliquid shows that building a product people love before you inject the complexity of a price is a Good Thing
we've seen the same thing with @base — starting without a token lets us focus on solving real problems and means we have to really earn it every day
— jesse.base.eth (@jessepollak) November 30, 2024
A Base spokesperson explained the evolution to Cointelegraph. “Initially, considering launching a token wasn’t a priority for us, because we felt we needed to focus on the core product first,” they said.
The spokesperson linked the token consideration to the network’s growth. “Now that we’ve achieved sub-second, sub-cent transactions and expanded into an open stack, we’re exploring a network token to further decentralize and make the ecosystem more open, accessible, and community-driven.”
Token Details and Regulatory Compliance
Pollak provided limited details about the potential token’s structure. It remains unclear whether it will function as a governance token or have specific on-chain utility.
Base commits to building any token on Ethereum. The network will work with regulators on issuance and distribution processes.
“As a U.S. company, we’re committed to working with regulators and legislators, and doing this right,” Pollak stated.
Network Performance Metrics
Base has shown strong growth since its 2023 debut. The network has accumulated $5 billion in total value locked (TVL), with $1.7 billion added in 2025 alone.
This TVL figure makes Base the second-largest layer-2 network behind Arbitrum. According to L2Beat data, Base trails only Arbitrum in terms of capital locked.
Base processes significantly more transactions than its competitors. The network handled 328 million transactions over the past 30 days, compared to Arbitrum’s 77 million.
Base also records seven times more user operations per second than Arbitrum. Both networks process more transactions than Ethereum mainnet, which facilitated fewer than 50 million transactions in the same period.
Token Terminal data shows Base has approximately 20.8 million monthly active addresses over the past 12 months. This makes it the most widely used Ethereum layer-2 blockchain.
Cross-Chain Bridge Development
At BaseCamp 2025, Pollak also announced the launch of an open-source bridge to Solana. This bridge allows users to move assets between Base and Solana chains.
The bridge enables developers to access broader liquidity pools across both networks. Pollak described Base as designed to be “a bridge, not an island.”
“For a better global economy to work, we need it to be interoperable and connected,” he explained. The Solana bridge represents Base’s commitment to cross-chain functionality.
Base processes transactions off-chain before settling them on Ethereum, following the standard layer-2 model. The network was incubated by Coinbase and launched as part of the exchange’s blockchain infrastructure expansion.
