Base is weighing a token to decentralize ownership, align incentives with the Optimism Superchain, and fund long‑term ecosystem growth
Coinbase Global, Inc. (Nasdaq: COIN) is now openly exploring a native token for its Ethereum Layer-2 Network, Base, reversing months of denials. The move comes just days after Kraken-incubated Ink revealed plans for its own INK token, a move that places both networks within Optimism’s Superchain ecosystem of interconnected L2s.
At BaseCamp in Stowe, Vermont, Jesse Pollak, Head of Base, confirmed that token discussions are underway but stressed no timeline or governance model has been finalized.
“We’re in the early phases of exploration,” Base posted on X, adding that the project remains committed to transparency and community input.
Why is Base considering a token?
The primary driver is decentralization. Pollak explained that a coin could give users and developers greater influence over Base’s direction while incentivizing participation across the ecosystem. Any asset would likely be Ethereum-native, keeping Base aligned with the chain’s security guarantees.
Base has surged since its 2023 debut, now securing roughly $5 billion in total value locked (TVL), according to DeFiLlama.
Source: DeFiLlama
Users still pay gas fees in ETH, unlike other L2s with their own coins. Notably, Base processed 13 million transactions in a single day this week across nearly 864,000 active wallets, highlighting its growing scale.
Both Arbitrum and Optimism launched governance tokens that helped fuel adoption. Arbitrum’s ARB airdrop in 2023 introduced on-chain voting, while Optimism’s OP token funds its retroactive public goods program.
By contrast, Base has focused on technical growth and exchange integration, but the pressure to align with peers is rising.
Here’s how Base stacks up against rival Layer-2 networks:
| Base | Arbitrum (ARB) | Optimism (OP) | |
| Token | Exploring native token | ARB token launched in 2023 | OP token launched in 2023 |
| Total Value Locked (TVL) | $5.1B | $3.54B | $448M |
| Governance | Under discussion | ARB holders with active proposals | Delegated governance via Optimism Collective and grants |
From rapid growth to token speculation: What’s next for Base?
Since launching in August 2023, Base has expanded rapidly. CoinGecko data shows it now holds around $5.01 billion in TVL, the largest among Ethereum layer-2s. In 2025 alone, Base added $1.7 billion in TVL, while monthly transactions recently hit 328 million.
As for the token launch and airdrop, no timeline has been set. Pollak said the team is still gathering feedback, assessing regulatory risk, and devising governance.
If the airdrop happens, analysts believe it could rival Arbitrum’s 2023 distribution given the network’s scale. For now, Coinbase is signaling openness but taking a cautious approach. A decision may ultimately hinge on regulatory clarity and broader community input.
