Base Launches Token: A Long-Planned Crypto "Open Game"
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Base Launches Token: A Long-Planned Crypto "Open Game"
Is it the "rocket fuel" igniting a bull market, or just another capital story that peaks at launch?
Navigating Web3 tides with focused insightsAuthor: cole, Baicai Blockchain
In the crypto world, "launching a token" always ignites the market. When Base—a Layer 2 network incubated by Coinbase, the industry's most compliant "mainstream force"—shifts its stance from "definitely no token" to "actively exploring," everyone knows a major event is about to unfold.
This isn't just another token launch. It's a carefully calculated strategic move by Coinbase to transform Base from a mere traffic gateway into a self-sustaining economic hub. Will this yet-to-be-born token become the "rocket fuel" that ignites a bull market, or just another capital-driven story of "peak at launch"? To answer this, we must dive deep into Base’s structure and examine the fragility behind its impressive metrics.
01 From “NO” to “YES”—Why Must Base Launch a Token?
Not long ago, Base stood as a breath of fresh air in the Layer 2 landscape, with its leadership repeatedly emphasizing it had "no plans to launch a token." But the winds have shifted. Jesse Pollak, founder of Base, and Brian Armstrong, CEO of Coinbase, have now publicly stated the team is "exploring the issuance of a native token," viewing it as an excellent tool to accelerate decentralization and ecosystem growth.
The official reasoning is grand and "politically correct": achieving full network decentralization. Currently, Base’s core sequencer remains under centralized control by Coinbase. Launching a token could incentivize independent nodes to participate, marking a necessary step toward true decentralization. This technically driven narrative aligns with crypto ethos and provides a "compliant" shield against regulatory scrutiny.
However, data reveals a harsher reality: Base is suffering from severe capital outflows. Over the past three quarters, Base has seen a net outflow of $4.6 billion, with funds largely flowing back to the Ethereum mainnet. This indicates that while Base successfully attracted massive user traffic through Coinbase—especially during the Meme coin and SocialFi (social finance) boom—it lacks "user stickiness." Capital behaves like mercenaries—here today, gone tomorrow.
Base risks becoming nothing more than a low-cost "transit station." Meanwhile, rivals Arbitrum and Optimism have already built strong economic moats using tokens. Therefore, Base's decision to launch a token is less about philosophical evolution and more about survival necessity. Its core economic goal is singular: anchoring capital. Through token incentives, it aims to turn speculative "tourists" into long-term "residents," creating a self-reinforcing economic loop.
02 Song of Ice and Fire—A Panoramic View of the Base Ecosystem
To understand the potential impact of the Base token, we must first examine its current landscape. On-chain data paints a picture of fire and ice: user activity burns hot, but capital depth remains relatively cold.
By the numbers, Base is undeniably a top-tier player. Its TVL exceeds $5 billion. Most striking is its transaction processing capacity, with an average TPS of 148.77, far surpassing Arbitrum’s 22.49. Daily active addresses approach one million, and annualized network revenue is projected at $75 million. These figures clearly highlight Base’s uniqueness: it’s an undisputed giant in user engagement, yet still a follower in capital scale. Base has solved the problem of "how to get people in," and now it must use its token to solve "how to keep them."
Base’s application ecosystem exhibits a peculiar "leveraged structure." On one end are multi-chain giants like Uniswap and Aave, contributing most of the TVL. On the other end are vibrant Meme coins. The most strategically valuable segment lies in between—the "native protocols"—which form Base’s real moat and will be the primary targets for future token incentives.
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DeFi: In decentralized finance, Base-native AMM Aerodrome Finance is rising at an astonishing pace, with TVL exceeding $1.1 billion and aiming to become Base’s central liquidity hub. In lending, native protocol SeamlessFi is also emerging.
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SocialFi: This is Base’s unique ace. The breakout success of Friend.tech not only brought massive traffic to Base but also pioneered a new on-chain social monetization model. Additionally, the decentralized social protocol Farcaster is thriving here.
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Gaming & NFTs: This sector remains in early stages, with no breakout hits yet. However, Base’s low gas fee environment is ideal for on-chain gaming development, and a native token could act as a catalyst to attract top-tier game studios.
03 Wealth Redistribution—Who Will Win the Most?
The launch of the Base token will trigger an unprecedented redistribution of wealth.
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Ecosystem Protocols: For native protocols like Aerodrome and SeamlessFi, the Base token will serve as "ammunition" to compete head-on with multi-chain giants.
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Users & Community: Token distribution will generate a wealth effect and grant governance rights, fostering a deep sense of "ownership."
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Base Network: The token treasury will allow Base to break free from reliance on Coinbase, evolving into a self-sustaining public good.
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Coinbase: This might be the most brilliant part. Currently, Base contributes less than 1% of Coinbase’s total revenue. Yet, the fully diluted valuation (FDV) of a Base token could reach tens of billions of dollars. This means Coinbase is playing a sophisticated capital game: sacrificing a negligible operational income to gain a potentially massive asset worth tens of billions. By launching a token and decentralizing, Coinbase can not only mitigate regulatory risk but also convert a small profit stream into a major asset.
04 Summary
Base’s exploration of a token launch is a deliberate and strategic inevitability. It marks Base’s transition from a successful "user acquisition machine" to a self-sustaining "on-chain economy."
Will Base’s token launch mirror Arbitrum’s "big bang" approach—generating hype but risking catastrophic sell-offs? Or will it follow Optimism’s path, using phased releases and strong narratives to guide the market steadily toward long-term development?
Given Base’s close ties to Coinbase and its "compliance-first" stance, the latter scenario seems more likely. Regardless of the path chosen, Base holds a powerful hand: the massive retail user base from Coinbase and its unique SocialFi ecosystem.
For all participants in the crypto world, this unfolding drama deserves your closest attention.
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