Controversy Surrounds Base Token Plan Amid Shareholder Value Concerns

Key Points

• Founder of Base network, Jesse Pollak, prompts discussions about a potential native Base token launch.
• Opinions vary on the token’s purpose and who would benefit most from it.

Jesse Pollak, the founder of Ethereum’s most profitable Layer-2, Base network, recently sparked a conversation about the potential launch of a native Base token.

His post quickly garnered attention from the crypto community, leading to debates about the token’s purpose and potential beneficiaries.

First Blockchain Token by a Publicly Traded Company

AJC, a researcher at Messari, pointed out that if the Base airdrop happens, it would be the first blockchain token launched by a publicly traded company, namely Coinbase .

Traditionally, token generation events (TGEs) are used to provide liquidity for private investors and founding teams, aiming to maximize launch value over long-term project stability.

However, AJC argues that the case of the Base token is fundamentally different.

As Coinbase is a publicly traded company, any token distribution must benefit its shareholders.

AJC explained that shareholders would not willingly relinquish control of the BASE token unless it enhances the overall value of Coinbase’s equity.

Therefore, according to AJC, the design of the new crypto token should increase shareholder value while also rewarding the Base community.

Community Advocates for Equitable Launch

Another crypto commentator echoed this sentiment, urging Pollak to reward developers who are building on-chain apps and assets, and active users contributing to the ecosystem.

Investor and entrepreneur Hnwcrypto suggested that the Base token should be released before the end of 2025 to take advantage of favorable market conditions.

He proposed a fair, community-driven model, while avoiding the hype-driven volatility often associated with launches.

He also suggested rewarding Farcaster users, ensuring equitable access for investors, and introducing a mascot to strengthen the token’s identity.

Anticipation Builds Around Potential Airdrop

In September, Coinbase CEO Brian Armstrong confirmed that the exchange is “exploring” a native token, reversing its earlier stance of having no such plans.

This announcement fueled speculation of an airdrop, similar to previous Layer-2 launches like Optimism and Arbitrum.

Analysts predict that the airdrop, if it happens, will likely reward early participants who bridged assets, interacted with on-chain apps, and supported the Base community.