Base Token Not Ruled Out by Coinbase, Says Chief Legal Officer
Coinbase Chief Legal Officer Paul Grewal has stated that the possibility of creating a new token for Base, the Ethereum Layer 2 network incubated by Coinbase, has not been entirely ruled out. Although Coinbase initially stated that it did not plan to issue a new network token when Base was launched in August, Grewal revealed in an interview at Messari’s Mainnet event that a token could be viable in the future. Currently, Coinbase’s focus is on providing tools and technology for users to experiment with and expand opportunities for creativity.
The Push for Regulatory Clarity
Coinbase is actively advocating for clearer crypto regulations through its “Stand with Crypto” initiative. Grewal emphasized the importance of striking the right balance between promoting innovation and ensuring consumer and investor safety. He questioned why the U.S. is not following the global trend of adopting sensible crypto rules as more Americans participate in the crypto space. Grewal also praised a recent Uniswap decision ruling that decentralized protocols cannot be held accountable for third-party misuse, which could set an important precedent for platforms like Base.
Base Jumping into the Ethereum Scaling Race
The Base mainnet opened to the public on August 9 and has already surpassed 100,000 daily active users. The hype surrounding social network Friend.tech and Base’s “Onchain Summer” initiative contributed to this growth. Additionally, Base’s daily transactions on the Ethereum Layer 2 have exceeded those of optimistic rollup scaling solutions Arbitrum and Optimism. On September 19, Base reached a seven-day moving average daily transaction count of 1.5 million, matching Arbitrum’s previous record in March.
Hot Take: Coinbase Considers Future Tokenization of Base
Coinbase Chief Legal Officer Paul Grewal has hinted that a token for Base, the Ethereum Layer 2 network incubated by Coinbase, is not completely off the table. While Coinbase initially had no plans to issue a new network token, Grewal stated in an interview that a token could be viable in the future. Coinbase’s current focus is on providing tools and technology for users to experiment with and expand opportunities for creativity. This potential tokenization of Base could further enhance the network’s capabilities and appeal to a wider audience in the crypto space.
By
By
By
By
By
By