Base Explores Native Token: What we Know So Far

Base, Coinbase’s Ethereum layer-2 network, is officially exploring the launch of a native token. The announcement came during Base Camp on September 15, 2025, when Base creator Jesse Pollak revealed that the team has started work on token plans. This differs from Coinbase’s long-standing position that Base would not issue a token.

The exploration is still in early stages. No details have been finalized on design, governance, or timing. Still, the move represents an important update for one of Ethereum’s fastest-growing layer-2 networks.

Why Base Is Considering a Token

When Base launched in 2023, Coinbase insisted a token wasn’t necessary. The network grew rapidly anyway, offering developers low fees, sub-second finality, and Ethereum compatibility. However, leaders now say a native token could help the project meet its next goals: decentralization and deeper community alignment.

Pollak outlined three guiding principles for the potential token:

• Complete decentralization — moving Base from its current “stage one rollup” status toward full community control.
• Alignment of builders and creators — enabling developers and users to become economic participants, not just contributors.
• Pushing boundaries of crypto — using tokenization to support new systems in the on-chain economy.

“The economy can only work if we’re the ones shaping it and benefiting from it,” Pollak said.

Coinbase CEO Brian Armstrong supported the exploration, calling the token “a great tool for accelerating decentralization and expanding creator and developer growth.” But like Pollak, he stressed that plans are still being studied.

A Reversal of Coinbase’s Earlier Stance

Just a year ago, Coinbase executives dismissed the idea of a Base token. In late 2024, Pollak even praised other projects for focusing on product before token incentives. The current shift does not mean Base is abandoning that approach, but instead that its development has reached a new stage.

According to CoinTelegraph, a spokesperson for Base explained the change in position:

• The network now processes sub-second, sub-cent transactions.
• The stack has been expanded into an open framework for builders.
• With these milestones in place, Base can turn to tokenization as a tool for further decentralization.

Base emphasizes that this is not a flip-flop, but an evolution.

Technical Context: Rollup Stages and Decentralization

Base currently operates as a stage one rollup. This means it has a decentralized fraud or proof submission system but still relies on a security council and some centralized controls. A network token could play a role in:

• Supporting validator or prover incentives.
• Funding fraud-proof systems.
• Distributing governance powers to a broader community.

Transitioning to stage two rollup status would require stronger decentralization, and the token may become a mechanism to accelerate that shift.

Comparisons to Other Layer-2 Tokens

Speculation around Base’s move grew after Linea’s token generation event, which distributed more than 9.3 billion LINEA tokens to users last week. Other layer-2 projects — including Arbitrum, Optimism, Polygon, and Mantle — already have native tokens.

• Mantle (MNT): $5.3 billion market cap, despite only $219 million total value locked (TVL).
• Arbitrum (ARB), Polygon (MATIC), and Optimism (OP): market caps between $1.3 billion and $2.7 billion.
• Base: sixth-largest blockchain by TVL, with $5.066 billion locked as of September 2025, but no token yet.

Unlike some rivals, Base leads in user activity. In the past 30 days alone, Base processed 328 million transactions, far ahead of Arbitrum’s 77 million.

Commitments from Base Leadership

Pollak made three clear commitments about token development:

1. Ethereum-based only — Base will not move to another blockchain or create its own base layer.
2. Work with regulators — Coinbase will draw on its compliance history to ensure the token launch meets U.S. requirements.
3. Transparent development — Plans will be shared openly, with community feedback shaping the design.

Pollak said he chose transparency over secrecy, even though some advisers suggested waiting until plans were more mature.

Other Announcements at Base Camp

The token wasn’t the only update. Base also revealed:

• Open-source bridge to Solana: Now live on testnet, it will enable transfers of ERC-20 and SPL tokens and expand liquidity between ecosystems.
• Base Batches round two: Launching September 29, offering developer funding, mentorship, and a demo day at Devconnect in Argentina.
• Base app waitlist: Over 1 million sign-ups for the “everything app” combining social, payments, and trading. More than $500,000 in creator earnings have already been distributed.

Network Milestones

Base’s token discussion comes as the network hits major milestones:

• $5 billion total value locked (TVL), making it the sixth-largest blockchain.
• 971,000 daily active addresses recorded at peak.
• $21.1 billion bridged assets brought to the network.

The network faced a 30-minute block production halt in August, its first major outage. Despite that, Base has added $1.7 billion in TVL in 2025 alone.

Conclusion

Base’s token exploration is at an early stage, with no final decisions on timing, governance, or design. What is clear is that Coinbase and Base see a native token as part of a long-term plan to:

• Advance decentralization.
• Involve builders and creators more directly in the network’s economy.
• Keep the chain aligned with Ethereum and broader regulatory frameworks.

For now, Base’s token is not yet a reality — but its development will be closely watched across the crypto ecosystem, where tokens often define governance, incentives, and participation.

Resources:

1. Base X platform: https://x.com/base

2. Base TVL data: https://defillama.com/chain/base

3. Base documentation: https://docs.base.org/get-started/base