jakiro
Author: cole
In the crypto world, “issuing coins” can always ignite the market.When Coinbase – the most compliant “regular army” in this industry – incubated Layer 2 network base,When everyone turned from the position of “never issue coins” to “exploring”, they understood that a big drama was about to be staged.
This is not only another token issuance, but also a well-thought-out strategic conspiracy of Coinbase, aiming to transform Base from a traffic entrance into an economic center that can generate self-generated blood.This token, which has not yet been born, will it be the “rocket fuel” that ignites the bull market, or another capital story of “the peak of the line”?To answer this question, we must go deep into the texture of Base and analyze the fragility behind its glossy data.
From “NO” to “YES” – Why does Base have to issue coins
Once upon a time, Base was a clear stream in the Layer 2 world, and its leadership repeatedly emphasized that there was no plan to issue coins.However, the wind direction has changed.Base founder Jesse Pollak and Coinbase CEO Brian Armstrong have now publicly stated that the team is “exploring the issuance of native tokens” and believe it is an excellent tool to accelerate decentralization and ecological growth.
The reasons given by the official are grand and “politically correct”:In order to achieve complete decentralization of the network.At present, Base’s core sorter is still centrally controlled by Coinbase. The issuance of tokens can attract independent nodes to participate through incentive mechanisms. This is the only way toward true decentralization.This technology-oriented rhetoric is not only in line with the spirit of the crypto world, but also provides a “compliance” shield for responding to regulatory reviews..
However, the data reveals another more cruel reality:Base is facing severe capital outflow.Data shows that in the past three quarters, Base’s net outflow of funds reached US$4.6 billion, and the funds mainly flowed back to the Ethereum main network.This shows that although Base has successfully attracted a large number of users with its Coinbase traffic, especially in the Meme Coin and SocialFi (social finance) boom, it lacks “user stickiness”.Capital is like a mercenary, coming and going in a hurry.
Base faces the risk of becoming a low-cost “transfer station”.Meanwhile, its competitors Arbitrum and Optimism have long built a solid economic moat with tokens.Therefore, issuing coins at Base is not so much a philosophical evolution as a necessity for survival.Its core economic goals are only one:Anchor capital.Through token incentives, speculative “tourists” will be transformed into long-term “residents” and a closed-loop of economic development that can be self-reinforced.
Song of Ice and Fire—Base Ecological Panoramic Scan
To understand the power of Base tokens, you must first see its current state.The data on the chain depicts a picture of ice and fire intertwining:User activities are in full swing, but the capital depth is relatively calm.
Judging from the data, Base is undoubtedly a top player.Its TVL exceeds $5 billion.But the most amazing thing is its transaction processing capability, with an average TPS of up to 148.77, far exceeding Arbitrum’s 22.49.The daily active address of the network is close to one million, and the annualized network revenue is expected to reach US$75 million.These data clearly reveal the uniqueness of Base:It is an undisputed giant in terms of user activity, but it is still a chaser in terms of capital volume.Base has solved the problem of “how to make people come” and now it needs to use tokens to solve the problem of “how to make people stay”.
Base’s application ecosystem presents a unique “leverage structure”.On one end, there are multi-chain giants such as Uniswap and Aave, which contributed most of the TVL.On the other side is the vibrant Meme coins.The most strategically valuable are the “native protocols” sandwiched in the middle – they are the real moat of Base and the core goal of future token incentives.
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DeFi:In the field of decentralized finance, Base’s native automatic market makers (AMMs)Aerodrome FinanceIt is rising at an astonishing speed, with its TVL exceeding $1.1 billion, aiming to become the central liquidity hub of Base.In the lending market, native agreementSeamlessFiIt has also made its mark.
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SocialFi:This is Base’s unique ace.Phenomenon-level applicationFriend.techThe emergence of this novel not only brought huge traffic to Base, but also created a new on-chain social monetization model.In addition, decentralized social protocolsFarcasterIt is also thriving here.
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Games and NFTs:The track is still in its early stages and has not yet appeared in hot products.However, Base’s low-gas fee environment is the best soil for on-chain gaming development, and native tokens can serve as a catalyst to attract top game studios to settle in.
Redistribution of wealth – who will be the biggest winner
The issuance of Base tokens will be an unprecedented wealth redistribution.
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Ecological Agreement:For native protocols such as Aerodrome and SeamlessFi, Base tokens will be their “ammunition” that will compete with multi-chain giants.
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Users and Community:Issuing coins will bring about wealth effects, and tokens will also give community governance power and cultivate a profound “sense of all”.
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Base Network:The token vault will free Base from its dependence on Coinbase and become a public product that can produce blood and develop itself.
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Coinbase:This is probably the most exciting part.Currently, Base contributes less than 1% of its total revenue to Coinbase.However, the full dilution valuation (FDV) of a Base token can reach tens of billions of dollars.This means that Coinbase is playing a brilliant capital magic:Give up a tiny operating income in exchange for a huge asset with a potential value of tens of billions of dollars.Through coin issuance and decentralization, Coinbase can not only avoid regulatory risks, but also convert a small profit into a huge asset.
summary
Base explores issuing coins, which is a well-thought-out strategic necessity.It marks the official move of Base from a successful “traffic acquisition machine” to a self-sustaining “on-chain economy”.
Will Base’s issuance of coins be created like Arbitrum, using a “big explosion” type of coins to create popularity, but it may also trigger a catastrophic sell-off?Or will we guide the market smoothly through staged and narrative-oriented methods like Optimism, and guide the community’s attention to long-term construction?
Given Base’s close ties with Coinbase and its “compliance priority” position, the latter seems to be more likely.No matter which path you choose, Base holds a trump card in his hand:Coinbase brings massive retail users and unique SocialFi ecosystem.
For all participants in the crypto world, this drama deserves your close attention.
