Base, Layer-2 Blockchain Developed by Coinbase (COIN)Exploring the issuing of a native token, a step that can spur an increase in activity in what is already the second largest L2 when users are trying to secure eligibility for a potential air drop.
“We want to explore a network token,” said the network’s creator, Jesse Pollak, at the Basecamp event on Monday.
“I want to be ahead with you, it’s early,” he added, as he conceived the expectations of the time of a possible release.
When Base debuted in 2023, Coinbase said it had no plans to issue a token. It is not clear whether what is now being considered will be a standard control token or whether it will have on-chain tools. The base is required to build the token in Ethereum and will work with regulators on issuing and distribution, Pollak said.
“As a US company, we are obliged to cooperate with supervisory authorities and legislators and do this right,” he said.
The base has collected $ 5 billion in the total value locked (Tvl) Since it was introduced, with $ 1.7 billion added in 2025 alone. It is the largest Layer-2 network behind Arbitum of Tvl, according to L2Beat.
The biggest Lay-2 token is currently mantel (Mnt) With a market capital of $ 5.3 billion despite just $ 219 million capital locked on the network. That’s about twice the value of tokens from polygon, arbitum and optimism – three of the best known layers 2S – whose native tokens are worth between $ 1.3 billion and $ 2.7 billion.
Although Tvl is smaller, the base has seven times the number of user operations per day. Second (Uss) Than arbitum, and the most impressive metric is transaction count over the past 30 days: 328 million transactions sent on the base, dwarf Arbitum’s 77 million.
Both eclipse of Ethereum Mainnet, which WHCH facilitated fewer than 50 million transactions in the same period.
Update (September 15, 16:12 UTC): Adds context everywhere, includes data points on base use.
