Native Token Investigation Commences by Base
Base, the popular Ethereum layer 2 network, is delving into the creation of a network token. The announcement was made at the BaseCamp summit in Stowe, Vermont, where Jesse Pollak, the founder and lead developer of Base, discussed the development.
The decision to explore a network token comes as a result of the chain achieving sub-second and sub-cent transactions, making it one of the most active layer 2 networks with nearly one million daily active addresses. The total value locked (TVL) on Base currently exceeds $5 billion, placing it as the second largest by TVL after Arbitrum.
Coinbase CEO Brian Armstrong confirmed the development of the network token, expressing his belief that it could be a useful tool for decentralization and growth for creators and developers. Armstrong's support for the project was also evident in his public posts on the matter.
The Base team has expanded on its plans for a network token in a blog post, but has yet to share specific details about the timing, design, or governance of the potential token. The team is, however, committed to involving the community in the development process and building in the open.
The exploration of a network token by Base is still in its early stages. Despite this, the potential for BASE to become a top 5 market cap coin has been discussed by VC Nick Tomaino on various platforms.
The Base team has been associated with Coinbase, and the exploration of a network token is led by Jesse Pollak, who is also the head of Base's ecosystem. The team's commitment to transparency and community involvement is evident in their decision to publicly discuss the development at the BaseCamp summit.
