Although not initially planned, a possible token for Base, Coinbase’s layer 2, is indeed under consideration. Here’s everything we know about it.
A token on Base coming soon?
When Coinbase launched its layer 2 Base in the summer of 2023, it was stated loud and clear that the launch of a token was not on the agenda. Nevertheless, this did not prevent this Ethereum (ETH) layer 2 from establishing itself, to such an extent that it is now the largest Ethereum scaling solution, with $7.13 billion in total value locked (TVL) and the fifth largest decentralized finance (DeFi) blockchain.
Today, the teams behind Base’s development admit that they have reconsidered their position and are now exploring the possibility of a token.
In a brief tweet, Brian Armstrong, CEO of Coinbase, clarified the news:
We are exploring a network token on Base. This could be a great tool to accelerate decentralization and expand the growth of creators and developers in the ecosystem. Let’s be clear: there is no definitive plan. We are simply updating our philosophy. For now, we are exploring it.
In their article on the subject, the Layer 2 teams also confirm that they are only in the early stages of their exploration and that they “do not yet have specific information to share regarding timing, design, or governance.”
Nevertheless, they reaffirm three commitments: their commitment to Ethereum and their desire to develop the network, their commitment to working with U.S. regulators, and their desire to involve the community.
A difficult terrain to navigate?
As we pointed out last week with regard to Consensys’ Layer 2 LINEA, this category of tokens often struggles to perform, and their usefulness is often limited to governance functions.
Looking at the layer 2 token category on CoinGecko, the picture is rather bleak, since of the top 10 assets, only Mantle’s MNT managed to reach an all-time high (ATH) in 2025, with the exception of the recently launched LINEA.
Furthermore, of the 56 networks listed on DefiLlama, only three layer 2 networks have managed to exceed $1 billion in TVL, including Base, which leads the pack:
While a year after the layer 2 craze, many projects are facing a harsh return to reality, the subject of governance tokens must also be approached with caution. However, Coinbase has so far managed to come out on top with Base. This is therefore a matter to be followed closely.
