Base, the layer-2 blockchain developed by Coinbase (COIN), is exploring issuing a native token, a move that might spur a spike in activity in what is already the second-largest L2 as users attempt to secure eligibility for a potential airdrop.
“We’re going to be exploring a network token,” the network’s creator, Jesse Pollak, said at the BaseCamp event on Monday.
“I will be up front with y’all, it’s early,” he added as he tapered expectations on the timing of a possible release.
When Base debuted in 2023, Coinbase said it had no plans to issue a token. It’s not clear whether what’s now being considered will be a standard governance token or if it will have on-chain utility. Base is committed to building the token on Ethereum and will work with regulators on issuance and distribution, Pollak said.
“As a U.S. company, we’re committed to working with regulators and legislators, and doing this right,” he said.
Base has amassed $5 billion in total value locked (TVL) since it was introduced, with $1.7 billion added in 2025 alone. It is the largest layer-2 network behind Arbitrum by TVL, according to L2Beat.
The biggest layer-2 token is currently mantle (MNT) with a market cap of $5.3 billion despite just $219 million worth of capital locked on the network. That’s roughly double the value of tokens from Polygon, Arbitrum and Optimism — three of the best known layer 2s — whose native tokens are worth between $1.3 billion and $2.7 billion.
Though TVL is smaller, Base has seven times the number of user operations per second (UOPS) than Arbitrum, and the most impressive metric is transaction count over the past 30 days: 328 million transactions sent on Base, dwarfing Arbitrum’s 77 million.
Both eclipse the Ethereum mainnet, whch facilitated fewer than 50 million transactions in the same period.
UPDATE (Sept. 15, 16:12 UTC): Adds context throughout, includes data points on Base usage.