At the BaseCamp event, Jesse Pollak, the creator of Coinbase’s layer-2 network Base, indicated that a native token may be on the horizon.
This new token could promote decentralization and enhance opportunities for builders and creators, according to Base. “We’re in the early phases of our exploration, and don’t have any specifics to share around timing, design, or governance,” the network stated Monday.
Base, an Ethereum-based layer-2 blockchain incubated by Coinbase, conducts transactions off-chain before finalizing them on Ethereum.
Since its launch in 2023, the network has emerged as the leading Ethereum layer-2 blockchain, with approximately 20.8 million monthly active addresses recorded over the past year, according to Token Terminal.
During the BaseCamp event, Pollak also revealed the implementation of an open-source bridge to Solana, facilitating the movement of assets between the two systems and allowing developers to access a wider liquidity pool.
Pollak emphasized that Base aims to be a “bridge, not an island,” noting that the intention is to enhance the entire ecosystem by fostering openness and interoperability. “For a better global economy to function, we need it to be interconnected and interoperable.”
Base explains its rationale for considering a token
Base’s exploration of a native token reflects a change from earlier statements. As of November 2024, Pollak mentioned in an X thread that there were no intentions for a Base network token, advocating for Hyperliquid’s commitment to prioritizing product development over token incentives.
“Our focus is on building. We aim to address real issues that enable better building,” Pollak wrote.
Nevertheless, a potential Base token seems to represent an evolution of the network rather than a reversal.
“Initially, the prospect of launching a token wasn’t a priority, as we believed we should first concentrate on the core product,” a Base representative informed Cointelegraph.
“With our achievement of sub-second, sub-cent transactions and the transition to an open stack, we’re now investigating a network token to promote further decentralization and enhance the ecosystem’s openness, accessibility, and community-driven nature,” Base stated.
The spokesperson also tied token issuance to its decentralization aspirations. “Base is designed for everyone, and a network token could enable more individuals to engage in Base’s on-chain economy.”
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