Base opens to the native token: the turning point of BaseCamp 2025. TVL over 5 billion

Base has announced that it is in advanced evaluation for the launch of a native token, marking a possible shift from Coinbase’s historical stance, according to reports from CoinDesk and communications published on the official Base blog. In this context, while remaining in an exploratory phase – without a definitive design, official timelines, or final decisions – the political and technical signal is clear.

According to the data collected by our editorial team and verified on on‑chain dashboards, we have monitored the main activity and liquidity indicators during BaseCamp. Industry analysts following the Layer‑2 ecosystem observe how announcements on tokens and bridges can generate measurable movements on TVL, circulating stablecoins, and bridge flows in the following 24–72 hours.

Why It Matters

• A token could accelerate the decentralization of the network and promote community governance.
• Creation of greater incentives for builders and creators, with positive effects on adoption and on-chain liquidity.
• However, risks related to compliance, incentive fragmentation, and operational security must be managed.

What Has Been Announced

During BaseCamp 2025, the head of Base, Jesse Pollak, outlined the analysis path for the potential issuance and possible governance structure of a network token. It should be noted that the team reiterated that the study is still in the preliminary phase and that any future decision will be subject to public consultations and legal checks, as also confirmed by CoinTelegraph.

Base Ecosystem Data

• TVL: the recent peak reached approximately $5.06 billion, with a subsequent retracement to the $5 billion area.
• Stablecoin on Base: the aggregated market capitalization is estimated around $4.3 billion (data updated as of 09/15/2025).
• Active addresses (24h): over 971,000, indicating extensive on‑chain activity (monitoring via Dune and BaseScan).
• Cumulative assets bridged: approximately $21.1 billion.
• New tokens created in a record day: over 54,000 (data from the end of July 2025 from network dashboards).

Expected Impact on Decentralization and Adoption

A token can serve as an incentive bridge between users, developers, and infrastructure operators. That said, with the stated goal of increasing participation in security and governance, Base aims to support programs dedicated to builders and creators, without compromising the integrity and reliability of the network.

The comparison with other Layer-2 solutions, such as the introduction of OP (Optimism) and ARB (Arbitrum) tokens, highlights how these tools can fuel retro-funding programs, governance delegations, and liquidity incentives. Indeed, they remain subject to cycles of volatility that require prudent management. For a comparative overview of token-governance models, see our Layer-2 guide: token and governance models.

Timeline and Upcoming Steps

• Public consultations: the team plans a structured dialogue with the community regarding the model, allocations, and responsibilities related to the token.
• Ponte Base–Solana: the open-source bridge between ERC-20 and SPL standards, currently in testnet, is set to launch on mainnet in the coming weeks.
• Programs: the Base Batches initiative continues, with a new round expected at the end of September, aimed at offering funding, mentorship, and global visibility for developers.
• Products: updates are coming for Flashblocks, Base Appchains, and Smart Wallet Sub‑Accounts with the aim of reducing latency and simplifying user onboarding.

Technical Details and Interoperability

The Base–Solana bridge aims to make ERC‑20 and SPL standards interoperable, facilitating payments and liquidity exchanges between different ecosystems. In this context, updates on Flashblocks, Appchains, and Sub‑Accounts are expected to improve scalability, reliability, and user experience, while simplifying operational management.

Governance: how it might work

Official details on the mechanisms and allocations have not yet been provided. Possible options include models with delegations, technical councils, and safeguards to balance decentralization and accountability; the necessary legal analysis and testing will follow to verify operational resilience.

Main Risks

• Concentration: excessively concentrated initial allocations could limit decision-making plurality.
• Fragmentation of incentives: possible overlaps with the rewards already existing on Ethereum and other L2s.
• Compliance: the need to classify the token within the various regulatory frameworks of the jurisdictions in which it operates.
• Operational Security: an incident that occurred on August 5, 2025 – following a failed handover of the sequencer – highlighted the need to implement more robust procedures and redundancies.

What changes for users

• End users: potential reductions in fees and new rewards related to on-chain activities.
• Builder: access to grants, retro-financing, and bootstrap programs to incentivize development.
• Validators/Operators: opportunity to take on new roles and receive incentives within the sequencing chain and the prover stack.
• Collector/Creator: more tools to monetize and integrate cross-chain payments.

Unanswered Questions

• Distribution: definition of eligibility criteria, percentages, and vesting periods.
• Usage: clarify the utility of the token in relation to fees, staking, and governance.
• Compatibility: need for coordination with Ethereum and other L2s to avoid double incentivizations.
• Roadmap: definition of the testing phases, audits, and transition to mainnet.

Context and Comparisons

The maturation of the Layer-2 market and the examples of Optimism and Arbitrum demonstrate that tokens can finance public goods and strengthen governance, while still exposing to speculative cycles. Historically, Base was more cautious about token issuance; now, however, it seems to be leaning towards an approach in line with industry standards.