Coinbase’s Base Blockchain Now ‘Exploring’ a Native Token As US Crypto Regulatory Environment Turns Friendly

A Major Reversal: Coinbase’s Base Signals a Future with a Native Token

In a significant policy shift that has the crypto community buzzing, Coinbase’s popular Ethereum Layer 2 network, Base, is now officially “exploring” the launch of its own native token. This marks a complete turnaround from its long-held stance of having no plans for a token, a move that could reshape its ecosystem and trigger one of the most anticipated airdrops in recent history.

The announcement came from Jesse Pollak, Head of Protocols at Coinbase, during a recent Base-hosted event. “We’re going to be exploring a network token for base,” Pollak stated, signaling a new chapter for the rapidly growing blockchain.

From “No Token” to “Early Exploration”

For over a year, the official line from the Base team was clear: a token was not on the roadmap. However, the team’s philosophy has evolved. Pollak cited a desire to further decentralize the network, better align economic incentives for users and developers, and “unlock new systems” as key motivators for the change.

Both Pollak and Coinbase CEO Brian Armstrong were quick to manage expectations, emphasizing the preliminary nature of these plans.

“I will be upfront with y’all, it’s early,” Pollak cautioned, adding that the specifics regarding design, timing, and governance are yet to be determined. He assured the community that the process would be open and collaborative.

Armstrong echoed this sentiment on X (formerly Twitter), stating, “To be clear, there are no definitive plans. We’re just updating our philosophy. As of now, we’re exploring it.”

Despite the cautious language, the message is clear: a Base token is no longer a matter of ‘if’, but ‘when’ and ‘how’.

Why Now? A Shifting Regulatory Tide in the U.S.

The timing of this announcement is no coincidence. It arrives amidst a noticeable thaw in the U.S. regulatory climate for digital assets. When Base launched in 2023, the industry was facing intense scrutiny from the Securities and Exchange Commission (SEC), which was actively pursuing litigation against major players like Coinbase, alleging that many crypto assets were unregistered securities.

While the SEC’s lawsuit against Coinbase is still ongoing, the broader political landscape is shifting. Recent months have seen several pro-crypto developments, including:

• The FIT21 Act: A landmark crypto market structure bill that passed the House of Representatives with bipartisan support.
• SAB 121 Repeal: Both the House and Senate voted to overturn an SEC accounting bulletin that was widely seen as hostile to crypto.
• Political Campaigning: Crypto has emerged as a notable topic in the upcoming U.S. presidential election, with candidates increasingly courting the industry and its user base.

This growing political momentum towards creating clearer, more favorable regulations has likely given Coinbase the confidence to publicly explore a token launch, aiming to “get it right” in potential collaboration with lawmakers.

The Airdrop Effect: Brace for Impact on the Base Ecosystem

The mere mention of a potential token is set to inject a fresh wave of activity and capital into the Base ecosystem. The network is already a powerhouse in the Layer 2 space. According to data from L2Beat, Base is the second-largest Ethereum L2 with a Total Value Locked (TVL) of nearly $16 billion.

Its performance metrics are equally impressive, having processed over 330 million transactions in the last 30 days alone—dwarfing Ethereum’s 49 million transactions in the same period.

With the prospect of a future airdrop, where early users and contributors are rewarded with free tokens, these numbers are expected to soar. Airdrop hunters will likely flock to the network, bridging funds, interacting with decentralized applications (dApps), and increasing transaction volume in hopes of qualifying for a slice of the pie. This activity will further solidify Base’s position as a dominant force in the L2 landscape.

What a Token Means for the Future of Base

Beyond a potential airdrop, a native token could play a crucial role in the long-term health and decentralization of the Base network. It could be used for:

• Governance: Allowing token holders to vote on protocol upgrades and the future direction of the network.
• Staking: Securing the network and potentially decentralizing the sequencer, a key component currently controlled by Coinbase.
• Incentives: Rewarding developers for building on Base and users for providing liquidity and engaging with the ecosystem.

Pollak was also careful to reaffirm the network’s foundational principles, stating that Base remains “committed to building on Ethereum.” A native token would serve as a utility and governance layer for Base itself, without detaching it from its role as a scaling solution for Ethereum.

As the Base team begins its open exploration, the entire crypto industry will be watching closely. This move not only sets the stage for a monumental airdrop but also serves as a bellwether for how major U.S.-based crypto companies are navigating the path to progressive decentralization in an evolving regulatory world.