Coinbase Allegedly Considers Token for Base
Paul Grewal, the Chief Legal Officer of Coinbase, has indicated that the possibility of introducing a token for Base, Coinbase's L2 chain, is not completely off the table.
In an interview at Messari’s Mainnet conference, Grewal mentioned, “We haven’t ruled out this option entirely,” and further added, “I believe a token could become a viable consideration in the future.”
This represents a change in stance compared to Coinbase’s previous position. Upon Base’s initial launch last month, Coinbase explicitly stated that they had no intentions of introducing a token. In fact, they even conveyed this in their Twitter bio, saying, “We currently have no plans to introduce a new network token.”
Previously, Coinbase had consistently asserted that they had no intentions of creating a token for their L2 network. This sentiment was echoed in their Twitter bio, which explicitly stated, “We currently have no plans to introduce a new network token.”
Given that Ethereum (ETH) already serves as Base’s gas token, industry analysts speculate that a potential Base token could serve governance purposes, aligning with Base’s goals of gradually decentralizing its governance over time.
READ MORE: Bitcoin at Risk Due to Derivative Dominance, According to Popular Analyst
Recent performance metrics show that Base has been witnessing more daily transactions than Ethereum itself, as well as other prominent layer 2 networks like Arbitrum and Optimism. On September 14, Base recorded a historic high of 1.88 million transactions, surpassing the combined transaction volume of 878,000 on Optimism and Arbitrum.
Notably, Base now boasts a higher total value locked compared to Solana, according to data from DeFiLlama. Base has attracted $370.3 million in deposits, surpassing Solana’s $310.4 million in total value locked.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
