Coinbase Weighs Issuing Base Token as Ethereum Layer 2

TLDR

Table of Contents

Coinbase is evaluating a Base network token on Ethereum with early planning and no launch date.
Base creator Jesse Pollak confirmed the exploration stage and absence of token design specifics.
The network will work with regulators to ensure compliance if a token is issued.
Base holds $5 billion in total value locked, ranking second among Ethereum layer-2 networks.

Coinbase is considering launching a native token for its Ethereum layer 2 network, Base. The company disclosed the possibility during its livestreamed BaseCamp event on September 15, 2025. Jesse Pollak, Head of Base, confirmed that Coinbase is exploring how a network token could fit into Base’s long-term strategy. While no timeline or design details have been shared, the announcement signals a shift from Coinbase’s earlier position of having no token plans.

Base Considers a Network Token

Pollak said the team is “beginning to explore a network token,” adding that the process remains at an early stage. Coinbase’s official Base account later echoed this point on X, stating there are no specifics yet on timing, design, or governance. The company also emphasized it will involve the community and maintain transparency as plans develop.

Base’s early success appears to have created an opening for a token strategy. Launched without a native token, the network attracted developers and users through low fees and Ethereum security. This approach helped it grow steadily, amassing $5 billion in total value locked, including $1.7 billion added in 2025 alone.

The possible move aligns with a broader industry trend where layer 2 networks like Arbitrum and Optimism issue tokens to fund growth and incentivize participation. A Base token could help secure the network and reward validators or developers, though Coinbase has not confirmed any such mechanism.

Coinbase Plans to Build on Ethereum

Furthermore, Pollak stated that any Base token would be created directly on Ethereum. Coinbase believes keeping the token within Ethereum’s ecosystem ensures compatibility with existing decentralized finance tools and wallets. He also stressed that Base intends to work closely with regulators to ensure full compliance in issuing and distributing any future token.

This regulatory focus reflects Coinbase’s long-standing approach to navigating digital asset rules. As a publicly listed U.S. company, Coinbase faces higher scrutiny than many blockchain projects. Any token launch would likely undergo rigorous legal and compliance checks, potentially lengthening the timeline.

Analysts note that integrating a Base token with Ethereum’s security model could strengthen the network’s credibility. It might also appeal to institutional participants who require transparency and adherence to established frameworks. Still, much depends on how Coinbase structures token governance and distribution.

Market Growth Supports Broader Adoption

In addition, Base’s expanding market presence provides a strong foundation for a potential token. Since launching in 2023, the network has become the second-largest Ethereum layer 2 by total value locked, only behind Arbitrum. Its rapid growth—adding $1.7 billion in 2025—demonstrates increasing user activity and developer interest.

The broader crypto market has also matured, with investors seeking scalable solutions for decentralized applications. Base’s technology, designed for speed and lower costs, fits these demands. A native token could add another layer of utility, such as staking or governance, further driving adoption.

Some industry observers believe a Base token might also stimulate liquidity and incentivize new projects to build on the network. However, without clear details on tokenomics, any projection remains speculative. Coinbase’s deliberate pace suggests it aims to balance growth with regulatory safeguards.

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