In a move that could shake up the layer-2 (L2) blockchain landscape, Base—the L2 solution developed by Coinbase—is contemplating issuing a native token. This announcement has generated buzz within the crypto community, as users speculate about the potential for a lucrative airdrop. Speaking at the BaseCamp event on Monday, Jesse Pollak, the brain behind Base, confirmed the exploration of a network token, although he was quick to manage expectations regarding the timing of its release. “I will be upfront with y’all, it’s early,” Pollak remarked, hinting that while the wheels are in motion, the journey’s end is not yet in sight.
The Token That Could Be
When Base launched in 2023, Coinbase had no intention of issuing a token—an approach that has evidently evolved. However, the specifics of this potential token, including whether it will serve as a governance tool or offer on-chain utility, remain under wraps. Pollak assured the audience that any token would be built on Ethereum and emphasized Base’s commitment to regulatory compliance. “As a U.S. company, we’re committed to working with regulators and legislators, and doing this right,” he stated, underscoring the importance of navigating the complex regulatory landscape.
Base’s Rising Influence
Since its debut, Base has amassed a staggering $5 billion in total value locked (TVL), with $1.7 billion added in 2025 alone. This solidifies its position as the second-largest L2 network behind Arbitrum, according to data from L2Beat. The potential introduction of a native token could further boost Base’s standing, potentially igniting a surge in user activity as individuals position themselves for a possible airdrop.
Despite having a smaller TVL compared to some of its peers, Base has demonstrated impressive user engagement metrics. It boasts seven times the number of user operations per second (UOPS) than Arbitrum, and its transaction count over the past 30 days—a staggering 328 million—far surpasses Arbitrum’s 77 million. To put it into perspective, the Ethereum mainnet facilitated fewer than 50 million transactions in the same period. These numbers reflect Base’s growing influence and the increasing trust users place in its platform.
The Market Context
The current L2 token landscape is dominated by mantle (MNT), which holds a market cap of $5.3 billion despite having just $219 million worth of capital locked on the network. This is roughly double the value of tokens from well-known L2s like Polygon, Arbitrum, and Optimism, whose native tokens are valued between $1.3 billion and $2.7 billion. If Base’s token materializes, it could further disrupt the market dynamics, offering new competition to these established players.
Balancing Innovation and Regulation
As Base explores this new frontier, the intersection of innovation and regulation will be crucial. The crypto industry has seen numerous instances where regulatory oversight has stymied growth, but Base aims to set a precedent by working collaboratively with regulators. This approach could serve as a model for other blockchain projects navigating the complex regulatory waters.
Pollak’s emphasis on regulatory compliance is particularly significant given the heightened scrutiny cryptocurrency projects face today. In recent months, regulatory bodies have intensified their focus on ensuring that new tokens adhere to legal standards. By prioritizing a cooperative relationship with regulators, Base hopes to pave a path that balances innovation with compliance.
What Lies Ahead
While the potential introduction of a native token is exciting, it also raises questions about its impact on Base’s ecosystem. A token could incentivize user participation and enhance network security through staking mechanisms, but it also requires careful consideration of tokenomics and distribution strategies to ensure long-term sustainability.
Moreover, the timing of the token’s release will be crucial. As Pollak mentioned, the process is still in its early stages, suggesting that the crypto community should temper their expectations for any immediate developments. However, as anticipation builds, Base finds itself at a critical juncture—poised to potentially redefine its role in the L2 landscape.
Conclusion
Base’s exploration of a native token represents a significant milestone in its evolution. While details remain sparse, the potential implications for the L2 ecosystem are profound. As Base navigates this uncharted territory, it will be essential to strike a balance between innovation and regulatory compliance, ensuring that any new token not only enhances its platform but also adheres to the evolving legal framework. As the crypto world watches closely, Base’s next steps could offer a glimpse into the future of L2 solutions and their role in the broader blockchain ecosystem.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
