Coinbase’s Base Explores Native Token to Drive Global Adoption Vision

TLDR

• Coinbase’s Base network is exploring the possibility of issuing a native token to accelerate global adoption.
• The token exploration is focused on decentralization, creator participation, and unlocking new systems.
• Base operates as a stage one rollup and aims to achieve full decentralization through the native token.
• CEO Brian Armstrong stated that the token could help expand the ecosystem by fostering decentralization and growth.
• Base commits to building on Ethereum and collaborating with regulators while ensuring transparent development.

Base, the Ethereum layer-2 network by Coinbase, is exploring the launch of a native network token to accelerate global adoption. The exploration announcement was made on September 15 during the Base Camp event.

Jesse Pollak, Base founder, highlighted that this step could significantly contribute to Base’s vision of scaling to billions of users worldwide. The team is focused on ensuring decentralization, creator and developer alignment, and unlocking new systems through tokenization.

Commitment to Decentralization and Developer Participation

Pollak emphasized that the network’s token exploration aligns with three key principles: decentralization, creator participation, and new system innovation. He pointed out, “The economy can only work if we’re the ones shaping it and benefiting from it.”

Base currently operates as a stage one rollup, which involves a decentralized fraud system and a security council. However, it is not yet fully decentralized, with more work required in stage two to reach that goal. The native token would help accelerate this process, incentivizing ecosystem involvement and further decentralization.

Brian Armstrong, Coinbase’s CEO, reiterated the significance of the potential token in fostering decentralization.

However, Armstrong confirmed that there are no definitive plans at the moment. He called the announcement a philosophical update, stressing that the team is still exploring the token’s possibilities.

Base Focuses on Community Input for Token

Pollak made three explicit commitments regarding the network’s token. First, he assured that Base would continue to build on Ethereum and would not consider other blockchain foundations.

Moreover, he emphasized the importance of regulatory compliance. Base will collaborate closely with regulators and legislators, drawing from Coinbase’s 15-year track record in compliance. Base is committed to transparency and community involvement. Pollak stressed the importance of developing in the open, gathering feedback, and building with the community’s input.

Pollak’s decision to embrace transparency came after receiving advice to keep the exploration private. Instead, he chose the “Base way” of open development without predetermined answers. The team plans to consult the community at the two-day Base Camp event to gather input for the token development process. With no specific timelines, Base aims to prioritize community engagement and regulatory alignment before taking the next steps.

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