The Bitcoin exchange Coinbase does not plan to launch a token for its L2-network Base. In an interview with Decrypt, Coinbase’s chief executive Brian Armstrong said.
“We do not plan to create any tokens for Base,” he said.
In September, Coinbase’s chief legal officer Paul Grewal hinted at the possibility of issuing a token for the project in the future. He said at the time this was not entirely ruled out.
In the same month, a post appeared on Base’s profile on X: “We have no plans to issue the network token.”
Developers of the project, even at the testnet launch, emphasized that the L2 solution does not intend to issue a token — transaction fees are paid in ETH.
Armstrong noted that Coinbase is pleased with Base’s development since its August launch. He said that within a few months the network had become the third among L2 solutions with a TVL of around $500 million.
“Now we are working on its integration with various applications,” said the Coinbase CEO.
He added that the company aims to make Base more than just part of the Bitcoin exchange’s ecosystem. Coinbase aims to make the L2 network “compatible with the rest of the crypto community”.
According to him, the project’s ambitious goal is to make the average transaction on the exchange “faster than a second and cheaper than a cent”. To achieve this, 99% of transactions need to be conducted on the second layer.
In August, Base developers presented a plan to transition to a decentralized model, involving several technical upgrades and eliminating a single point of failure.
In September, the L2 network surpassed Ethereum in transactions per second. Base rose to first place in the daily metric.
In October, the project opened the source code of its smart contracts and repositories on GitHub.