Coinbase-incubated Base network 'beginning to explore' native token, creator Jesse Pollak says

Base, the Ethereum-based Layer network incubated by Coinbase, is reportedly "beginning to explore" launching a native token, Base creator Jesse Pollak said at a live-streamed conference on Monday, a reversal from Coinbase's previous stance.

Coinbase representatives had consistently said there were no plans to issue a token for Base, which currently uses ETH as its gas token. The project said it has "no definitive plans to share at this time" regarding a potential token.

"Base is a bridge, not an island," Pollak said onstage at BaseCamp, in Stowe, Vermont, discussing how he is aiming to increasingly connect Base to the wider Ethereum ecosystem.

The move comes months after the Ink Foundation, which is shepherding development of the Kraken-incubated Ink L2, disclosed plans to create a non-governmental utility token called INK. Both Base and Ink are part of Optimism's Superchain ecosystem.

"When Base launched, our priority was clear: To build a secure, low-cost, developer-friendly chain and ecosystem. Launching a token wasn’t necessary to reach those goals, and we wanted to focus on the core product," the team wrote in a blog on Monday.

Coinbase founder and CEO Brian Armstrong confirmed on X that Base is "exploring" introducing a native token, noting "there are no definitive plans. "

Launched in 2023, Base reached a number of milestones in the past year, including achieving “sub-second, sub-cent transactions,” Pollak said. Notably, Base advanced to “Stage 1” under Vitalik Buterin’s framework for rollup decentralization after launching permissionless fault proofs.

"Exploring a network token is one path toward making our vision of a global onchain economy real, and a Base network token has the potential to accelerate Base’s decentralization and expand opportunities for builders and creators across the ecosystem," the team added. 

Base noted it is "committed to working with regulators and legislators," some of whom have been resistant to exchange-native tokens in the past. President Donald Trump’s administration, however, has centered on crypto and encouraged regulators to make way for innovation and experimentation.

Pollak also announced that Base is expanding access to Solana, a high-throughput, monolithic alternative to Ethereum. Through an open-source bridge, users can now deposit and use SOL and other Solana-based SLP tokens in any Base app and export Base assets to Solana.

COIN is trading at $327.26, up over 1.3% on Monday, according to The Block's price page.