Coinbase's Ethereum Layer-2 network, Base, has confirmed it will not launch its own token, despite growing speculation fueled by its rapid success. Instead, Base is focused on supporting developers and solving practical challenges in the blockchain space. Jesse Pollak, Base's lead developer, reaffirmed this vision in a statement on November 30. He emphasized that the network’s goal is to create tools that empower developers and enhance decentralized application (dApp) innovation. Pollak highlighted Base’s commitment to being open-source and adhering to open standards and markets, ensuring the network remains accessible and creative. "There are no plans for a Base network token. We are focused on building and solving real problems," he said. This announcement comes as Base continues to achieve remarkable milestones. On November 28, analytics platform Nansen reported that the network had processed 11.4 million transactions, a dramatic increase from the 263,000 it handled the previous year. Base also reached a record-breaking 132.50 daily transactions per second (TPS) on November 26, surpassing its earlier achievement of 106.86 TPS, according to L2beat. Base’s ecosystem has played a crucial role in its success. Popular gaming and decentralized finance (DeFi) applications, such as Uniswap and Aerodrome, have thrived on the network. Viral trends like Clanker and Virtuals Protocol memes have further driven user engagement. These factors have helped Base secure the second-highest Total Value Locked ( TVL ) among Ethereum Layer-2 solutions, reaching $12.54 billion, second only to Arbitrum. The network’s strong performance is also linked to its backing by Coinbase, a company valued at $73 billion. With Coinbase’s vast resources and user base, Base offers enhanced scalability and simplified interactions for dApp users. These advantages position Base as a leading competitor in the Ethereum Layer-2 market, outpacing networks like Optimism. By focusing on innovation without relying on token incentives, Base aims to solve real-world problems and continue its growth. Its success underscores the potential of blockchain networks to thrive by prioritizing developer support and practical applications. Base’s commitment to open standards and community-driven innovation ensures its place as a leader in the sector.
