Coinbase’s Base Network, the Ethereum-based Layer-2 scalability platform, has gained significant traction since its launch earlier this year. In an exclusive interview, Coinbase’s Chief Legal Officer, Paul Grewal, hinted at the possibility of introducing a digital token for the Base Network.
Grewal expressed his enthusiasm for the rapid adoption of the Base Network, emphasizing that they are only beginning to uncover its potential, with numerous opportunities for developers on the horizon.
The Coinbase Layer 2 platform operates on the OP Stack, a Layer-2 solution developed by the Optimism network, which also boasts its native token, $OP, in the market.
During an interview with Decrypt’s Andre Beganski, Grewal was asked about the feasibility of introducing a Base Token, especially in light of Coinbase’s ongoing regulatory tussle with the U.S. Securities and Exchange Commission (SEC). Grewal acknowledged that a Base token could be a possibility down the road, leaving the door open for future developments.
However, Grewal emphasized that their immediate focus with Coinbase Base is the advancement of technology for new developments. He added that Coinbase remains optimistic about collaborating with the SEC to help shape the crypto landscape and provide clarity to all stakeholders. In line with this commitment, Coinbase has launched an advocacy campaign to push for U.S. crypto legislation.
Coinbase Base Surpasses Solana, Sets Sights on Growth
Coinbase Base has enjoyed a remarkable start, achieving a significant milestone by surpassing Solana to claim the ninth position in total value locked (TVL). Data from DeFiLlama indicates that DeFi protocols on Base have attracted deposits totaling $370.50 million, surpassing Solana’s $310.25 million.
This growth can be largely attributed to increased activity on the Web3 social media platform Friend.tech, as well as the recent integration of respected DeFi applications into the Base blockchain.
Coinbase promotes Base as a “bridge” for users to enter the cryptoeconomy. The platform aims to offer a user-friendly default on-chain experience while providing access to products on various other blockchain networks. In addition to enhancing Base’s interoperability with other chains, Coinbase remains committed to supporting a diverse range of chains across its products.
