- Base, a blockchain incubated by Coinbase, plans to launch its own native token after years of denying such intentions.
- Alexander Cutler, a key developer on decentralized exchanges supporting Base, predicts the token will help Base surpass Solana as the largest blockchain.
- Base and Solana are rivals, despite claims of cooperation, sparking public disputes between their supporters.
- Base’s previous token, BASEISFOREVERYONE, was launched unexpectedly but has since dropped 88% in value.
- Both Coinbase founder Brian Armstrong and Base founder Jesse Pollack had repeatedly stated there were no plans for a Base token until recent months.
Base, a blockchain project backed by cryptocurrency exchange Coinbase, announced at its recent BaseCamp event that it is actively exploring the creation of its own native token. This marks a change from earlier statements where Base leadership denied any plans for a proprietary token. The move aims to fuel economic growth within the Base ecosystem.
Alexander Cutler, a developer involved with two decentralized exchanges (DEXs) that together hold a 6% market share in the DEX sector, stated that the introduction of a Base token removes doubts about Base’s ability to surpass Solana and become the largest blockchain network in the world. He contributes to Aerodrome and Velodrome, two DEXs operating on Base and the Optimism network.
The rivalry between Base and the Solana Blockchain has escalated publicly. Vibhu Norby, manager at the Solana Foundation, asserted that Base’s goal is to completely replace Solana. In response, Base founder Jesse Pollack pointed to the launch of a Solana-Base Blockchain bridge as an example of collaboration. Norby countered, criticizing the lack of formal coordination with Solana’s marketing and operations teams during the bridge launch.
In April, Base suddenly issued BASEISFOREVERYONE, a token that functioned like a proprietary asset but has since lost 88% of its value from the initial peak on launch day. Until recently, Coinbase CEO Brian Armstrong and Jesse Pollack repeatedly denied any plans for an official Base token. Statements include:
- “We do not currently plan to issue a new network token.” – Coinbase, March 2023
- “We’re not planning to make any token for Base.” – Brian Armstrong, December 1, 2023
- “There are no plans for a Base Network token.” – Jesse Pollack, November 30, 2024
- “[Base has] no plans for a token.” – Jesse Pollack, April 9, 2025
This stance has shifted in recent months, with Base now actively considering a major token launch, following a path similar to Solana, which conducted an initial coin offering with substantial insider allocations. Base supports popular blockchain features such as memecoins, on-chain exchanges, and wrapped versions of major cryptocurrencies like ETH, positioning it as a direct competitor to Solana.
For further details, visit the original BaseCamp announcement and Solana-Base bridge blog.
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