Key Notes
- Base network explores plans for a potential native token.
- Critics argue the token may prioritize COIN shareholder value over user rewards.
- Analysts expect an airdrop focused on long-term growth.
Ethereum’s most profitable Layer-2, Base network founder Jesse Pollak recently opened discussions and feedback on the possibility of launching a native Base token. His post quickly drew attention across the crypto community, with debates over the token’s purpose and potential beneficiaries.
Messari researcher AJC noted that the Base airdrop would be the first blockchain token launched by a publicly traded company, Coinbase.
Traditionally, token generation events (TGEs) provide liquidity for private investors and founding teams. As a result, they try to maximize launch value rather than long-term project stability. AJC argued that the Base token case is fundamentally different.
Since Coinbase is a publicly traded firm, any token distribution must benefit COIN shareholders. He explained that shareholders would not willingly give up control of the BASE token unless it increases the overall value of Coinbase’s equity.
Therefore, according to the researcher, the new crypto token’s design must enhance shareholder value while still rewarding the Base community.
He added that simply incentivizing DeFi metrics, like total value locked or trading volume, would attract short-term capital, but wouldn’t add to sustainable growth. Instead, Coinbase should focus on activities that promote social and consumer engagement, according to AJC.
Community Calls for Fair and Sustainable Launch
Another crypto commentator echoed this sentiment. They urged Pollak to reward the developers building on-chain apps and assets and active users contributing to the ecosystem.
Investor and entrepreneur Hnwcrypto suggested that the Base token should be released before the end of 2025 to leverage favorable market conditions. He proposed a fair, community-driven model, while avoiding the hype-driven volatility during the launch.
He also advocated for rewarding Farcaster users, ensuring equitable access for investors, and introducing a mascot to strengthen the token’s identity.
Speculation Grows Over Airdrop Plans
In September, Coinbase CEO Brian Armstrong confirmed that the exchange is “exploring” a native token, reversing its earlier stance of having no such plans. The announcement fueled speculation of an airdrop, similar to previous Layer-2 launches like Optimism and Arbitrum.
Analysts predict the airdrop will likely reward early participants who bridged assets, interacted with on-chain apps, and supported the Base community.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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Source: https://www.coinspeaker.com/base-token-plan-attracts-critics-shareholder-value/
