Written by: Tia, Techub News

In the cryptocurrency industry, the issuance of tokens on public chains and layer two networks often signifies a new narrative shift. Last night, Base announced the upcoming issuance of its native token, sparking widespread attention from the community. Some social media figures believe that, unlike the past logic of purely relying on transaction fees to capture value, the design of Base's native token may attempt to replicate the "quote currency flywheel" of ETH and SOL, opening new pathways for value capture of L2 tokens.

From "Transaction Fee Narrative" to "Quote Currency Narrative"

For a long time, the value narrative of L1 public chains has been summarized by the market as transaction fees. However, it has been proven that the proportion of transaction fees in value capture is limited and cannot support long-term market capitalization. The real core lies in the role these public chain tokens play as quote currencies in the ecosystem, where most of the value is reflected through the amount of tokens locked and market demand.

Taking the Ethereum ecosystem as an example, most AMM liquidity pools are TOKEN/ETH pairs; similarly, on Solana, SOL has become the trading intermediary for most assets. As new on-chain assets are continuously issued, a large amount of ETH and SOL is locked in AMMs to maintain liquidity. This mechanism tightly links the value of ETH and SOL with network expansion, forming a unique growth flywheel.

However, L2 tokens have yet to break through this limitation. Despite active trading, the economic growth of L2 is still primarily captured by ETH, making it difficult for the native token to truly benefit from value accumulation.

Potential Design of Base's Native Token: Binding L2 Growth

Notable social media figure kia (@mosayeri) posted on X, suggesting that to achieve a breakthrough, the tokenomics design of Base's native token may draw from Aerodrome's vote-escrow model and Zora's ecological incentive mechanism. Specifically, holders of Base's native token could lock their tokens and participate in voting to decide how network fees are distributed, incentivizing liquidity pools that use Base's native token as a quote currency. As the Base ecosystem expands, this mechanism will directly link token value with network growth, changing the current situation where L2 growth is captured by ETH.

Historically, Curve Wars have proven the feasibility of this model: major protocols compete to acquire liquidity incentives by purchasing and locking CRV, creating strong demand. If Base's native token can successfully guide liquidity migration, its significance lies not only in empowering token holders but also in helping Coinbase solidify its core position in the Base ecosystem while promoting network decentralization.

Dual Strategy: Base's Native Token and USDC

Coinbase's strategy on Base involves more than just a single token issuance. In addition to incentivizing liquidity and binding network growth through Base's native token, Coinbase can also leverage its advantage with the stablecoin USDC, forming a dual strategy. As the most commonly used settlement currency in RWA (real-world asset) transactions, the usage scale of USDC on Base continues to expand. Moreover, the agreement between Coinbase and Circle ensures that it can share profits from the interest on the US Treasury behind USDC. In other words, the more USDC circulates on Base, the more interest generated from the underlying dollar reserves, leading to greater profits for Coinbase.

In the Base ecosystem, Base's native token and USDC will form a dual drive: the former binds network growth through governance and liquidity incentives, while the latter supports off-chain cash flow through stablecoin settlement. For Coinbase, this dual-track layout not only strengthens the self-circulation of the on-chain economy but also brings sustainable revenue to the company.

Coinbase's Dilemma: Value Game Between COIN Shareholders and Base's Native Token Holders

Under the design of the dual-track strategy of Base's native token and USDC, although Base's native token can bind network growth and USDC can support cash flow from real-world assets, it inevitably leads to a potential value game between shareholders and token holders.

As a publicly traded company, shareholders expect the network's transaction fees and MEV earnings to be reflected in the company's financial reports and stock prices, while token holders hope that the network's value is embedded in Base's native token, forming staking rewards or token appreciation.

If Coinbase directs cash flow into the token system, shareholders may feel that value is being diluted; if cash flow only serves the company, Base's native token may lack independent intrinsic value, making it difficult to support long-term investment logic. Additionally, regulatory risks add complexity: directly binding cash flow dividends may be viewed as securities by the SEC, posing compliance pressure on Coinbase. Therefore, the most realistic approach is for Coinbase to hold a large amount of BASE on its balance sheet to achieve indirect value return.

This contradiction between corporate governance and community governance is an inevitable challenge for centralized publicly traded companies entering the cryptocurrency token economy. Finding a balance between maximizing shareholder value and promoting token network growth will determine the success or failure of Base's native token.

Timing of Token Issuance and Strategic Significance of Cross-Chain Bridges

It is noteworthy that the timing of Base's native token issuance is also quite special. Currently, Base and Solana are directly competing in the social, consumer, and speculative application ecosystems. This type of track requires significant investment to maintain developer and user growth, making it one of the most "cash-burning" areas in the entire cryptocurrency industry. At this moment, Coinbase has thrown out the possibility of token issuance. It can not only become a new tool for financing and value capture but also attract a wave of speculative capital influx during a period of relatively abundant short-term market liquidity, providing additional ammunition for the Base ecosystem.

On one hand, the token issuance alleviates the competitive pressure between Base and Solana; on the other hand, it allows Coinbase to seek new growth momentum for the network without relying on existing cash flow. In other words, the launch of Base's native token is not just a business decision but rather a carefully timed capital strategy.

Moreover, at the same time, Base also launched a cross-chain bridge that connects with Solana, which, when viewed in the context of a potential upcoming token issuance, becomes even more significant.

The cross-chain bridge directly connects the two most consumer-oriented public chain ecosystems, Base and Solana, meaning that Base is no longer limited to Ethereum-based users but is now competing with Solana on the same battlefield for funds, users, and developers. The combination of token issuance and cross-chain bridges provides fuel for ecosystem expansion. Tokens can serve as incentive tools, with liquidity coming in through the cross-chain bridge further locked in Base.

Conclusion

The launch of Base's native token is not just an issuance of an L2 token; it should also be seen as Coinbase's strategic attempt to find a balance between on-chain economic layout, shareholder value, and token incentives. It may change the logic of value capture for L2 tokens and could become a key weapon for Base in cross-chain competition and capital allocation. In the coming months, how Base's native token implements governance and incentive mechanisms will determine its actual value and influence in the cryptocurrency ecosystem.

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