Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Base, the Ethereum Layer-2 network incubated by Coinbase, is shifting its stance on tokenization.
At BaseCamp 2025 in Stowe, Vermont, Base creator Jesse Pollak said the project is “beginning to explore” the launch of a network token, marking a reversal from Coinbase’s long-held position that no token was planned.
The exploration of a network token comes on the heels of Linea’s token generation event last week, which saw Consensys’ Layer-2 network distribute more than 9.3 billion LINEA tokens to eligible users.
The launch sparked speculation that Base could pursue a similar path, though Coinbase has stressed that no decisions have been made.
Coinbase Considers Token Path After Linea’s $LINEA Airdrop
Pollak emphasized that Base remains in the early stages of exploration, with no specifics yet on design, governance, or timing.
“Base is a bridge, not an island,” he said during the livestreamed event, showing the network’s vision of deeper connectivity within the Ethereum ecosystem.
While the project cautioned that there are “no definitive plans” for a token, it described the shift as part of a broader philosophical update, seeking to accelerate decentralization and expand opportunities for builders and creators.
Launched in 2023, Base was designed as a secure, low-cost, developer-friendly chain. Until now, Coinbase has argued that a token was not necessary to achieve those goals.
However, with the network’s recent milestones, such as sub-second, sub-cent transactions and a growing developer ecosystem, leaders say they are rethinking their approach as Base positions itself to play a central role in a global on-chain economy.
Alongside the token discussion, Base announced new initiatives at BaseCamp. One update was the debut of an open-source bridge between Base and Solana, intended to allow seamless interoperability between ERC-20 and SPL tokens.
The bridge, now live on testnet, will allow users to move assets across chains, deposit and use SOL in Base applications, and expand liquidity for both ecosystems. It is expected to launch on the mainnet in the coming weeks.
Base also unveiled updates to its builder programs and products. The second round of Base Batches, set to begin on September 29, will provide funding, mentorship, and global distribution to developers, culminating in a demo day at Devconnect in Argentina.
Meanwhile, the Base app, an “everything app” combining social networking, payments, trading, and app discovery, has drawn over 1 million people to its waitlist since its invite-only beta in July.
According to the project, more than $500,000 in creator earnings have already been paid out through the platform.
Base Hits $5B TVL, Weighs Token Plans Amid Network Milestone
The tokenization announcements come as Base reaches a new milestone in adoption. According to DeFiLlama, the network’s total value locked (TVL) recently hit an all-time high of $5.06 billion before falling to $4.99 billion earlier in the day, making it the sixth-largest blockchain by TVL.
Lending protocols Morpho and Aave account for more than 60% of that figure, while stablecoins on the network hold a combined market capitalization of $4.3 billion.
Base also recorded over 971,000 active addresses in 24 hours, with $21.1 billion in bridged assets.
However, Coinbase’s Base network faced its first major disruption on August 5, when block production halted for over 30 minutes. The outage temporarily affected deposits, withdrawals, and Flashblocks functionality.
Base later confirmed the cause was a failed sequencer handover within its high-availability cluster. As on-chain activity spiked, the active sequencer fell behind, prompting an automated system called Conductor to shift control to a backup.
The handoff failed because the new sequencer was still being provisioned, leaving the network unable to produce blocks until the team manually intervened.
The incident comes as Base experiences record adoption. The network recently overtook Solana in daily token launches, with more than 54,000 new tokens created on July 27.
Since the relaunch of its app, which integrates platforms like Zora and Farcaster, Base has seen 1.6 million tokens deployed and nearly 3 million traders generating around $470 million in volume.
However, in recent months, Base has continued to expand its infrastructure.
At ETHDenver in February, it unveiled Flashblocks to reduce block times to 200 milliseconds, Base Appchains for high-traffic dApps, and Smart Wallet Sub Accounts to simplify user onboarding.
The network also acquired the development team behind privacy-focused project Iron Fish to enhance its zero-knowledge capabilities.
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