Key Takeaways
Why is Base exploring a token?
Base executives said a network token could accelerate decentralization, expand developer incentives, and align the community with Ethereum and regulators.
How strong is Base’s growth?
Token Terminal and DefiLlama data showed 880K Active Addresses, $9.1 billion TVL, and a record 3.7 billion transactions, placing Base ahead of other L2 competitors.
The Base chain, a Layer 2 (L2) optimistic rollup incubated by Coinbase on Ethereum [ETH], confirmed it was exploring the issuance of a network token.
According to Jesse Pollak, creator of Base, the L2 ecosystem is exploring what the chain would be like from 2026 on.
At BaseCamp 2025 in Vermont, Base executives said the move was still in the exploratory stage.
Base exploring a network token
Brian Armstrong, CEO of Coinbase, and Jesse Pollak, emphasized that decentralization remains a core priority for their teams.
Pollak explained that Base is focused on building a shared network economy, one that brings together creators, developers, and users under a unified vision.
A key goal, he noted, is to push the boundaries of what crypto can achieve, unlocking new systems that could reshape the global economy.
Pollak also dismissed the idea of keeping their token development private until launch. Instead, he stressed their commitment to building transparently and in the open.
While the specifics of how and when the token will launch are still being worked out, he affirmed that the team is actively exploring the path forward.
Source: Coinbase/X
The ecosystem made three commitments in this step. Notably, they would be building the ecosystem on Ethereum with openness and conscientiousness.
It meant that this approach would allow them to gather ideas during their two-day Basecamp, which prioritizes the team over individual contributions.
Alongside the token exploration, Base announced an open-source bridge between Base and Solana, plus new builder initiatives such as Base Batches 002 and expanded Base App features.
Metrics showcase the growth
For context, the number of Contract Deployers on the chain has been steady since the start of the year.
According to Token Terminal, Base saw 36.2K Contract Deployers last week, while contracts deployed fell to multi-month lows.
Source: Token Terminal
Still, there were a lot of unanswered questions about how to make the Base community shape the global economy.
How Base leads other L2s in chain activity
While the Base token exploration hype filled the crypto space, the L2 ecosystem was cementing its position among its peers.
As per DefiLlama data, the number of Active Addresses in the last 24 hours was 880,187, at press time.
Similarly, the stablecoin market cap reached $4.488 billion, representing a 4.18% increase in a week. Here, USDC dominance was at 90.53%.
Base’s Transaction Count hit a cumulative 3.7 billion, with 84.9 million recorded in the last week. At the same time, the Transaction per Second (TPS) peaked at 140, indicating the efficiency of the chain in terms of speed.
Source: Token Terminal
Also, the Total Value Locked (TVL) in DeFi was $9.156 billion, while the bridged TVL was more than double the TVL in DeFi.
In terms of revenue, Base was also among the top leaders.
Its App Revenue and Fees were at $1.37 million and $3.71 million, respectively. The DEX and Perps volumes reached $1.826 billion and $462 million, respectively, on the day.
Base executives said the performance was a testament to its Coinbase-backed infrastructure and the broader developer base it had attracted.
