BitMart Research—Base Explores Token Issuance: A New Layer 2 Challenger

BitMart Research, the research arm of BitMart Exchange, has released a new report examining Base’s strategic shift toward native token issuance, a move that marks a dramatic pivot from its original “no-token” stance. With official confirmation from both Base lead Jesse Pollak and Coinbase CEO Brian Armstrong, the network is now actively researching token design, governance models, and distribution plans. As Base faces growing liquidity outflows and intensified competition from tokenized Layer 2 ecosystems like Arbitrum, Optimism, and Blast, the introduction of a native token could realign incentives, reinvigorate developer activity, and create a complete economic loop across its DeFi, creator, and AI agent verticals. Backed by Coinbase’s regulatory advantage, the report argues that a well-structured BASE token may not only boost growth but also set a new standard for compliant token launches in the U.S. Layer 2 landscape.

1. Base Begins Exploring Token Issuance: From “Never Issuing a Token” to “Actively Researching”

In September of this year, Jesse Pollak, Head of Base, publicly indicated for the first time at the BaseCamp conference that the network is actively exploring the possibility of issuing a native token. Shortly thereafter, Coinbase Co-founder and CEO Brian Armstrong confirmed: “We are exploring the issuance of a native token for the Base network.”

Since its launch in 2023, Base has adhered to a strict “no native token” strategy, focusing instead on core infrastructure, development tools, and building a secure, low-cost, developer-friendly environment. The team’s priorities were clear: strengthen the fundamentals before considering any economic layer.

This recent shift has generated significant attention across the cryptocurrency community, signaling a major strategic transition from a “token-free” model to a “potential token issuance” roadmap. While Base continues to emphasize that “no final timeline, token model, or distribution plan has been determined,” the prospect of a token has moved from a theoretical possibility to a public and active agenda.

2. Why Base Needs a Token: Reshaping Its Structure to Stay Competitive

Base’s move toward issuing a native token is not a sudden idea—it is a strategic shift made at a turning point. Across capital, competition, technology, and regulation, issuing a token has gone from a choice to a necessity.

2.1 Capital Is Leaving—Without a Token, It’s Hard to Keep Users and Developers
In the past six months, Base has seen over USD 2.77 billion flow out of the network. For a chain that depends on ecosystem growth, shrinking liquidity means higher risks of user and developer loss. A token is the most direct tool to bring back incentives, attract capital, and stabilize participation.

2.2 A Token Creates a Real Value Loop for the Ecosystem
A native token allows Base to tie users, developers, and liquidity providers into the same incentive system. Jesse Pollak has stated clearly that issuing a token is meant to support decentralization and provide long-term, reliable rewards for builders and creators.
In Web3, tokens are the strongest mechanism for coordinating interests and retaining value. For Base, issuing a token signals a shift from simply growing activity to building sustainable economic value.

2.3 Competitors Already Have Tokens—Staying “Token-less” Is Now a Disadvantage
 Layer-2 competition is now an “incentive battle.” Arbitrum, Optimism, Blast and others use airdrops and ecosystem funds to attract liquidity and build developer loyalty.
 Base’s “no token” strategy once supported its product-first image, but now limits its growth in DeFi, liquidity, and ecosystem expansion. In a market driven by incentives, not having a token risks Base falling behind.

2.4 Regulatory Conditions Are Improving—Coinbase Now Has a Compliance Window
The biggest obstacle for Base was U.S. regulatory uncertainty. As a Nasdaq-listed company, Coinbase could not take the risk of issuing a token during unclear policy periods.
But today, U.S. attitudes toward crypto are improving, creating a better regulatory environment. In this context, Coinbase’s compliance strength becomes a major advantage, giving Base the opportunity to design a legally sound, fully compliant token model and governance structure.

3. What Will Change After Base Issues a Token?

3.1 Decentralized Community Governance Will Begin to Take Shape
Today, most governance decisions on Base are controlled by Coinbase. With the introduction of a native token, governance power can gradually shift to the community. Token holders will be able to vote on key decisions—such as protocol upgrades and resource allocation—bringing Base closer to a truly decentralized, transparent governance model.

3.2 A Comprehensive Incentive System Will Accelerate Ecosystem Growth
 A BASE token enables ecosystem-wide incentives, benefiting all participants:

• Developers: grants, subsidies, and ecosystem funding

• Users: gas discounts, point redemptions, and airdrops

• Creators: monetization opportunities directly on Base

• Liquidity Providers: rewards for supplying liquidity on DEXs
   These incentives help strengthen engagement and long-term ecosystem participation.

3.3 BASE May Become the Primary Quotation Currency on Base
While ETH will continue to be used for gas fees, BASE has the potential to become the dominant quote asset across Base’s decentralized exchanges. If most trading pairs are denominated in BASE, the token will gain structural demand and an essential role in Base’s economic system.

3.4 Institutional Adoption May Expand Rapidly
Coinbase’s regulatory expertise and institutional network create a strong foundation for BASE to be used in institutional-grade applications. Institutions may leverage BASE for staking, governance, or as collateral in DeFi protocols. This level of integration could attract significant traditional capital flows and give Base a competitive advantage over other Layer-2 networks.

4. Key Ecosystem Projects to Watch

Aerodrome
Aerodrome is one of Base’s largest DEXs. It recently announced a major merger with Velodrome from Optimism, creating a unified governance and incentive system across Ethereum, Base, OP, and Arc. AERO and VELO will merge into one token, giving holders revenue exposure to the full cross-chain network. The upgraded version, Dromos, is expected to launch on Ethereum mainnet with Arc in Q2 2026.

Zora
Zora remains one of Base’s most active platforms for creators and token launches, even as meme sentiment cools. Base founder Jesse recently launched his own token, $jesse, on Zora. Its valuation currently sits around USD 17 million due to weak market conditions.

Avantis
Perpetual DEXs are booming in 2025, led by Hyperliquid and Aster. Within Base, Avantis is one of the fastest-growing platforms in this category. As perp trading continues to expand, Avantis is becoming a core project to watch.

Limitless
Prediction markets are a rapidly growing sector this year. Backed by Coinbase, Limitless has become the largest prediction market on Base. If major platforms like Polymarket or Kalshi eventually issue tokens, LMTS may benefit from rising interest across the sector.

Virtuals
Virtuals is a leading AI Agent launch platform and gained early traction with its “stake-to-launch” model. Activity has slowed with the meme-market downturn, but AI Agents remain a strong narrative. Virtuals still holds clear first-mover advantage in this space.

5. Base Token: A Starting Point, Not the End

Issuing a native token is a major milestone for Base, benefiting its ecosystem, users, and developers. In blockchain, technology and ecosystem growth matter, but without a token, it’s like building a city without an economy—users and developers are unlikely to stay. A token not only stores value but also drives the ecosystem by giving participants tangible benefits.

BNB Chain is a clear example: collaborations like FourMeme and Binance Alpha attracted users and liquidity, while BNB itself captured the value, creating stable demand and long-term growth.

Base, by contrast, has strong projects like Zora and Virtuals that generate short-term hype, but without a native token, most value stays within individual projects rather than the chain. This limits long-term growth and value accumulation.

Issuing a token changes this: it creates a complete value cycle, binding users, developers, and projects. Every interaction and transaction adds real on-chain value, forming a positive loop of activity → value retention → user loyalty. This not only makes short-term hype sustainable but also gives Base a unique advantage in the competitive Layer 2 landscape, evolving it from a developer-friendly chain into a fully incentive-driven ecosystem with long-term growth potential.

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