Executives from the top crypto exchange in the US say the company is looking at introducing a token for its own native blockchain.
In a post on X, Coinbase CEO Brian Armstrong announced that the exchange is exploring the creation of a Base network token, noting that it “could be a great tool for accelerating decentralization and expanding creator and developer growth in the ecosystem.”
Adds Armstrong,
“To be clear, there are no definitive plans. We’re just updating our philosophy. As of now, we’re exploring it.”
In a video posted to Base’s official X account, Jesse Pollak, long-time Coinbase executive and creator of the Base chain, says that exploring a token will be a key part of the ecosystem’s future.
“We’re going to be exploring a network token for Base. And I will be upfront with you all, it’s early. And I’m a little nervous, my heart is racing… As we thought about sharing this early exploration, we got all sorts of advice. People telling me ‘don’t share it, you need to keep it close to your chest, it’s too early.’ And I sat back at myself and we said ‘What’s the Base way to do this?’
And the Base way is that we do it in the open. We don’t have all the answers, we really don’t, but we’re going to figure it out, and we’re going to figure it out together, because we think this could be a really, really powerful tool for building the global economy that all of us believe in.”
According to DefiLlama, Base has a total value locked (TVL) of $5.021 billion.
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