Base has begun exploring launching a network token

Coinbase’s Ethereum-based Base network has begun exploring a Base network token to accelerate decentralization and expand creator and developer growth in its ecosystem. The company has not revealed any specifics about the timing, design, or governance.

Coinbase had previously affirmed that it was not planning to issue a new network token for Base and would use Ethereum as its native gas token. The firm acknowledged that it had no plans to share regarding a potential token.

Base token to accelerate decentralization

Base creator Jesse Pollak said in a live-streamed conference on Monday that the project reverses Coinbase’s previous stance. Base stated that its priority was to build a secure, low-cost, developer-friendly chain and ecosystem. The firm argued that launching a token wasn’t necessary to reach its goals, but that it‘s more focused on its core product.

The Layer-2 blockchain revealed that it achieved its north star of sub-second, sub-cent transactions, and they’ve expanded beyond a chain into an open stack to enable people to build, trade, and earn on-chain. The firm believes that a Base network token has the potential to accelerate Base’s decentralization and expand opportunities for builders and creators across its network.

The open stack platform promised to remain committed to Ethereum and continue to build on the network. Base also affirmed its commitment to working with regulators and legislators to tackle the initiative correctly. The company added that it’s building the base token transparently as it engages with the community. Base assured its users that it’s building a token grounded in its principles and values aligned with its long-term mission to build a global economy that increases innovation, creativity, and freedom.

Base  to bridge with Solana 

Base is planning to bridge Base and Solana, with plans to make Base a hub for the entire on-chain economy. The bridge will allow users to move seamlessly across chains by bridging their assets between ERC20 and SPL tokens.

The new initiative will also allow users to deposit and use SOL in any Base app, bring any Solana into any Base app, and export any Base asset into Solana. Bridge aims to help developers tap into more users and liquidity, while users can more easily access the global on-chain economy.

Base launched the bridge open-source on GitHub for builders. The bridge is also available on Testnet and will be live on Mainnet in the next few weeks. The company also promised to add more chains later to make Base an interoperable hub for the global on-chain economy.

Base Batches was created to help developers build and grow any product into a business. Base disclosed that its Batches brought together over 5,000 developers from more than 100 countries. Seventy-seven teams succeeded, received mentorship, and earned a spot at its inaugural demo day. Base also awarded over $1 million in funding.

Base Batches 002 will launch on September 29. The program will offer new developers funding, mentorship, and distribution from day one. Builders can also showcase their best projects at Demo Day at Devconnect in Argentina.

The Base App launched this summer and has already grown to over 1 million users. The Base app has currently paid over $500K in creator earnings, and over 50% of users who posted have earned.

The Base App is designed to give users and builders direct distribution to millions of people. The app also makes it easy for builders to launch, test, and grow their apps from day one. The company revealed that it’s expanding access to the application every week and plans to open it to everyone later this year.

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