Coinbase CEO clarifies why company has no plans for Base token
In a recent interview with Decrypt, Coinbase CEO Brian Armstrong confirmed the company’s decision not to issue a token for its layer-2 network, Base. Contrary to previous speculations and a statement by Coinbase Chief Legal Officer Paul Grewal, Armstrong emphasized that there are no plans to create a Base network token . This announcement is significant as it reflects Coinbase’s strategic approach towards its layer-2 network development and its interaction with the broader crypto ecosystem. Base, which launched in August, has shown remarkable growth, becoming the third-largest layer-2 network in terms of total value locked (TVL), boasting around $500 million in TVL and a million interacting wallets since its inception. Layer-2 networks, built atop existing blockchain systems like Ethereum (ETH), offer faster and cheaper transaction capabilities, addressing scalability issues inherent in base layer networks. The rapid ascension of Base in this competitive landscape is n...