The Ethereum Layer-2 network foundation, developed by Coinbase, has confirmed that it has no plans to introduce a native token, despite its rapid adoption and growing user base.
Instead, the network remains committed to advancing decentralized application (dApp) development and strengthening the developer community.
Base achieves record TPS and TVL without token incentive
Jesse Pollak, Base’s lead developer, shared this view in a post to X on November 30. Pollak emphasized that the team’s primary goal is to tackle real-world challenges by creating tools that help developers build better solutions.
He described Base’s strengths as its open-source character, adherence to open standards and focus on open markets. According to him, these features help drive the innovation and creativity of the blockchain network.
“There are no plans for a Base network token. We are focused on building. and we want to solve real problems that help you build better,” Pollak said.
This clarification comes amid speculation about a possible token launch, fueled by the network’s impressive growth. On November 28, analytics platform Nansen reported that Base reached 11.4 million transactions. This represents a 50-fold increase from the 263,000 transactions it recorded last year.
Coinbase-Base Transactions. Source: X/Nansen
Additionally, data from L2beat showed that Base achieved a record average of 132.50 daily transactions per second (TPS) on November 26, surpassing the previous milestone of 106.86 TPS.
These milestones have helped Base secure the second-highest Total Value Locked (TVL) among Ethereum Layer-2 solutions, reaching $12.54 billion – behind only Arbitrum.
Top 5 Ethereum Layer-2 Networks from TVL. Source: L2Beat
Market observers highlighted Base’s thriving ecosystem as the main driver of its popularity. The network actively supports gaming and decentralized finance (DeFi) applications such as Uniswap, Aerodrome and others. The viral success of initiatives such as the Clanker and Virtuals Protocol meme trends has further increased its appeal.
The success of the network is also tied to its connection to Coinbase. As a platform backed by a $73 billion company, Base benefits from a massive user base and resources designed to simplify dApp interactions while improving scalability.
This positions Base as a leading competitor in the Ethereum Layer-2 space, surpassing competitors like Optimism.