What’s Really Behind the Base Token Buzz?

Jesse Pollak, the creator and head of Base, Coinbase’s Ethereum Layer 2, publicly invited the crypto community to share ideas for a potential Base token.

This development comes barely two months after Coinbase started working on fully integrating every token built on Base.

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The Base Token Question: Rewarding Users or Protecting Shareholders?

This conversation comes amid Coinbase’s broader transformation into an Everything Exchange. In August, BeInCrypto reported that Coinbase plans to enable direct trading for every token built on Base, including meme coins and experimental assets, effectively removing traditional listing barriers.

That integration could democratize liquidity for thousands of on-chain projects while exposing over 100 million users to early-stage tokens.

Against this backdrop, Jesse Pollak calls for ideas, feedback, and expectations for the chain’s exploration of a Base token.

“We shared this openly so we could listen and learn from all of you — and I’ve been blown away by the input in just the first two weeks,” he shared.

The request triggered an avalanche of proposals from builders, traders, and community members. One suggestion urged rewarding on-chain builders and active users, while another called for a 2025 release to coincide with peak market conditions and “avoid the typical pump-and-dump optics.”

That latter idea envisioned the token benefiting long-term contributors. It would ensure fair access for institutional and retail participants and would even introduce a mascot to harmonize the token’s identity.

These are just two samples from a bucket of ideas that Base chain users proposed to the crypto executive. However, Pollak quickly cooled any speculation of an imminent launch.

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Notwithstanding, the Base team’s openness marks a notable shift in how token design is approached. Unlike the traditional stealth launch, the network pivots to a community co-creation process.

Yet behind the optimism lies a deeper structural question. What happens when a publicly listed company like the Coinbase exchange launches a native blockchain token?

The Shareholder Dilemma Behind the Base Token

According to AJC, the enterprise research manager at Messari, the Base token will introduce unprecedented game theory to crypto’s token generation model.

“This marks the first time a publicly traded company will launch a token. Traditionally, TGEs and airdrops maximize token value for private investors and teams. But this dynamic doesn’t exist with Base…the goal is to maximize shareholder value,” AJC expressed.

AJC argued that Coinbase shareholders will not relinquish token rights without getting anything in return. This implies that any distribution model must increase Coinbase’s enterprise value.

He said the challenge lies in designing an airdrop that balances user rewards with shareholder benefits. Potentially rewarding behaviors create “durable value,” such as using consumer-facing apps, creator coins, and social experiences, rather than just driving DeFi metrics like trading volume or TVL (total value locked).

While the Base token initiative could bring a meme coin gold rush, it may also transcend into a strategic move toward full-on-chain token discovery. However, this may hinge on how the Base token is structured and whose interests it ultimately serves.