Base Explores Token Launch as Leading L2 Network
Base, the dominant LAYER 2 blockchain by transaction volume and profitability, is considering issuing its own token. Jesse Pollak revealed the exploration at BaseCamp 2025, reigniting speculation about the network's tokenomics strategy.
The Coinbase-incubated chain currently generates $75 million in annualized revenue without a native asset—a rarity among major L2s. Competitors like Arbitrum and Optimism trade at 280-1,600x price-to-sales multiples, suggesting a hypothetical Base token could command a $21-$67 billion valuation at similar ratios.
Such projections appear disconnected from fundamentals but reflect current market dynamics. The potential MOVE could unlock billions in speculative capital, though questions remain about utility beyond speculative trading.