BitMart Research—Base Explores Token Issuance: A New Layer 2 Challenger

BitMart Analysis, the analysis arm of BitMart Exchange, has launched a brand new report analyzing Base’s strategic shift towards native token issuance, a transfer that marks a dramatic pivot from its authentic “no-token” stance. With official affirmation from each Base lead Jesse Pollak and Coinbase CEO Brian Armstrong, the community is now actively researching token design, governance fashions, and distribution plans. As Base faces rising liquidity outflows and intensified competitors from tokenized Layer 2 ecosystems like Arbitrum, Optimism, and Blast, the introduction of a local token may realign incentives, reinvigorate developer exercise, and create an entire financial loop throughout its DeFi, creator, and AI agent verticals. Backed by Coinbase’s regulatory benefit, the report argues {that a} well-structured BASE token might not solely increase development but in addition set a brand new customary for compliant token launches within the U.S. Layer 2 panorama.

1. Base Begins Exploring Token Issuance: From “By no means Issuing a Token” to “Actively Researching”

In September of this 12 months, Jesse Pollak, Head of Base, publicly indicated for the primary time on the BaseCamp convention that the community is actively exploring the opportunity of issuing a local token. Shortly thereafter, Coinbase Co-founder and CEO Brian Armstrong confirmed: “We’re exploring the issuance of a local token for the Base community.”

Since its launch in 2023, Base has adhered to a strict “no native token” technique, focusing as a substitute on core infrastructure, growth instruments, and constructing a safe, low-cost, developer-friendly atmosphere. The crew’s priorities have been clear: strengthen the basics earlier than contemplating any financial layer.

This latest shift has generated vital consideration throughout the cryptocurrency neighborhood, signaling a serious strategic transition from a “token-free” mannequin to a “potential token issuance” roadmap. Whereas Base continues to emphasise that “no ultimate timeline, token mannequin, or distribution plan has been decided,” the prospect of a token has moved from a theoretical chance to a public and lively agenda.

2. Why Base Wants a Token: Reshaping Its Construction to Keep Aggressive

Base’s transfer towards issuing a local token is just not a sudden thought—it’s a strategic shift made at a turning level. Throughout capital, competitors, know-how, and regulation, issuing a token has gone from a alternative to a necessity.

2.1 Capital Is Leaving—With no Token, It’s Exhausting to Hold Customers and Builders
Previously six months, Base has seen over USD 2.77 billion circulation out of the community. For a sequence that depends upon ecosystem development, shrinking liquidity means increased dangers of person and developer loss. A token is essentially the most direct software to deliver again incentives, entice capital, and stabilize participation.

2.2 A Token Creates a Actual Worth Loop for the Ecosystem
A local token permits Base to tie customers, builders, and liquidity suppliers into the identical incentive system. Jesse Pollak has said clearly that issuing a token is supposed to assist decentralization and supply long-term, dependable rewards for builders and creators.
In Web3, tokens are the strongest mechanism for coordinating pursuits and retaining worth. For Base, issuing a token alerts a shift from merely rising exercise to constructing sustainable financial worth.

2.3 Rivals Already Have Tokens—Staying “Token-less” Is Now a Drawback
 Layer-2 competitors is now an “incentive battle.” Arbitrum, Optimism, Blast and others use airdrops and ecosystem funds to draw liquidity and construct developer loyalty.
 Base’s “no token” technique as soon as supported its product-first picture, however now limits its development in DeFi, liquidity, and ecosystem growth. In a market pushed by incentives, not having a token dangers Base falling behind.

2.4 Regulatory Circumstances Are Bettering—Coinbase Now Has a Compliance Window
The largest impediment for Base was U.S. regulatory uncertainty. As a Nasdaq-listed firm, Coinbase couldn’t take the chance of issuing a token throughout unclear coverage intervals.
However as we speak, U.S. attitudes towards crypto are bettering, creating a greater regulatory atmosphere. On this context, Coinbase’s compliance power turns into a serious benefit, giving Base the chance to design a legally sound, absolutely compliant token mannequin and governance construction.

3. What Will Change After Base Points a Token?

3.1 Decentralized Group Governance Will Start to Take Form
Immediately, most governance choices on Base are managed by Coinbase. With the introduction of a local token, governance energy can step by step shift to the neighborhood. Token holders will have the ability to vote on key choices—corresponding to protocol upgrades and useful resource allocation—bringing Base nearer to a really decentralized, clear governance mannequin.

3.2 A Complete Incentive System Will Speed up Ecosystem Progress
 A BASE token permits ecosystem-wide incentives, benefiting all individuals:

• Builders: grants, subsidies, and ecosystem funding

• Customers: fuel reductions, level redemptions, and airdrops

• Creators: monetization alternatives instantly on Base

• Liquidity Suppliers: rewards for supplying liquidity on DEXs
   These incentives assist strengthen engagement and long-term ecosystem participation.

3.3 BASE Might Develop into the Main Citation Forex on Base
Whereas ETH will proceed for use for fuel charges, BASE has the potential to turn into the dominant quote asset throughout Base’s decentralized exchanges. If most buying and selling pairs are denominated in BASE, the token will achieve structural demand and an important function in Base’s financial system.

3.4 Institutional Adoption Might Develop Quickly
Coinbase’s regulatory experience and institutional community create a powerful basis for BASE for use in institutional-grade functions. Establishments might leverage BASE for staking, governance, or as collateral in DeFi protocols. This stage of integration may entice vital conventional capital flows and provides Base a aggressive benefit over different Layer-2 networks.

4. Key Ecosystem Tasks to Watch

Aerodrome
Aerodrome is one among Base’s largest DEXs. It lately introduced a serious merger with Velodrome from Optimism, making a unified governance and incentive system throughout Ethereum, Base, OP, and Arc. AERO and VELO will merge into one token, giving holders income publicity to the complete cross-chain community. The upgraded model, Dromos, is anticipated to launch on Ethereum mainnet with Arc in Q2 2026.

Zora
Zora stays one among Base’s most lively platforms for creators and token launches, whilst meme sentiment cools. Base founder Jesse lately launched his personal token, $jesse, on Zora. Its valuation at present sits round USD 17 million on account of weak market circumstances.

Avantis
Perpetual DEXs are booming in 2025, led by Hyperliquid and Aster. Inside Base, Avantis is among the fastest-growing platforms on this class. As perp buying and selling continues to increase, Avantis is turning into a core mission to observe.

Limitless
Prediction markets are a quickly rising sector this 12 months. Backed by Coinbase, Limitless has turn into the biggest prediction market on Base. If main platforms like Polymarket or Kalshi finally subject tokens, LMTS might profit from rising curiosity throughout the sector.

Virtuals
Virtuals is a number one AI Agent launch platform and gained early traction with its “stake-to-launch” mannequin. Exercise has slowed with the meme-market downturn, however AI Brokers stay a powerful narrative. Virtuals nonetheless holds clear first-mover benefit on this house.

5. Base Token: A Beginning Level, Not the Finish

Issuing a local token is a serious milestone for Base, benefiting its ecosystem, customers, and builders. In blockchain, know-how and ecosystem development matter, however with no token, it’s like constructing a metropolis with out an economic system—customers and builders are unlikely to remain. A token not solely shops worth but in addition drives the ecosystem by giving individuals tangible advantages.

BNB Chain is a transparent instance: collaborations like FourMeme and Binance Alpha attracted customers and liquidity, whereas BNB itself captured the worth, creating secure demand and long-term development.

Base, in contrast, has robust initiatives like Zora and Virtuals that generate short-term hype, however with no native token, most worth stays inside particular person initiatives moderately than the chain. This limits long-term development and worth accumulation.

Issuing a token modifications this: it creates an entire worth cycle, binding customers, builders, and initiatives. Each interplay and transaction provides actual on-chain worth, forming a optimistic loop of exercise → worth retention → person loyalty. This not solely makes short-term hype sustainable but in addition offers Base a novel benefit within the aggressive Layer 2 panorama, evolving it from a developer-friendly chain into a totally incentive-driven ecosystem with long-term development potential.

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