Coinbase’s Ethereum Layer 2 Network Base Teases Native Token, Activity Soars
Coinbase’s Ethereum Layer 2 network Base recently hinted at the launch of a native token for the first time since its inception in 2023, sparking a surge in activity as users scramble to qualify for the upcoming airdrop.
The network’s total value locked (TVL) hit a record high of $5.1 billion in early September, with weekly transactions surpassing 90 million for the first time. This represents a 10% increase from the previous peak of 81 million transactions at the end of December, primarily fueled by the AI Agent frenzy.
Base TVL and Transactions – DeFiLlama
Despite the surge in total transactions, the number of active addresses on the network is declining, suggesting that existing Base users are ramping up their activity on the chain rather than new capital flowing into the ecosystem.
Social media speculators believe that creators who have launched protocols or creator coins stand to gain the most from the upcoming Base airdrop.
Influencer and trader IcoBeast stated on X, “The Base airdrop will be significant, but many will miss out due to not grasping the nuances and simply focusing on transactions across multiple wallets. [In my opinion], the Base team has been clear about how to qualify and maximize allocation,” referencing screenshots from Base builders regarding rewards for creators.
Base founder Jesse Pollak responded to IcoBeast, emphasizing the importance of building, creating, trading, and onboarding people to benefit from the evolving global economy.
While Pollak and the Base team emphasize rewarding creators, decentralized exchange (DEX) volumes on Zora, the creator coin platform, have dipped to their lowest levels since July, with only $6.26 million in volume from September 15 to September 21. This comes after hitting a peak of $54 million in weekly volume in July.
Zora DEX Volume – DeFiLlama
