Coinbase-backed Ethereum layer 2 Base is “beginning to explore a network token,” the head of Base’s ecosystem, Jesse Pollak, said at the BaseCamp summit on Monday.

“We’re in the early phases of exploration, and don’t have any specifics to share around timing, design, or governance. We’re committed to bringing the community along with us, and building in the open,” said the Base team in a post on X. 

Coinbase CEO Brian Armstrong also confirmed the development, saying in his own X post that the token could be a “great tool” for decentralization and expanding growth for both creators and developers.

This story is an excerpt from the Unchained Daily newsletter.

“BASE will be instant top 5 market cap coin if done the right way,” wrote VC Nick Tomaino on X. 

The Base team expanded on its token plans in a blog post, explaining that the decision represented a shift in philosophy after the chain achieved sub-second and sub-cent transactions.

Base is one of the most active layer 2 networks, with nearly one million daily active addresses and over $5 billion in total value locked (TVL), making it the second largest by TVL after Arbitrum.