Base network reaches $12.54B TVL without token

The Base network, Coinbase’s Ethereum (CRYPTO:ETH) Layer-2 solution, has clarified it will not launch a native token, focusing instead on supporting decentralised application (dApp) development and tackling real-world challenges.  

Jesse Pollak, Base’s lead developer, reiterated the network’s commitment to innovation in a post on X on November 30.  

“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” he stated.

Base has demonstrated significant growth, achieving milestones such as 11.4 million transactions reported on November 28 by analytics platform Nansen.  

This marks a 50-fold increase from the 263,000 transactions recorded a year prior.  

Additionally, Base set a new daily transaction per second (TPS) record of 132.50 on November 26, surpassing its earlier high of 106.86, according to data from L2beat.  

The network's Total Value Locked (TVL) has soared to $12.54 billion, securing its position as the second-largest Ethereum Layer-2 solution, trailing only Arbitrum.  

Base’s thriving ecosystem, which supports gaming and DeFi applications like Uniswap and Aerodrome, plays a significant role in its popularity.  

Viral trends such as the Clanker and Virtuals Protocol meme initiatives have also contributed to its widespread adoption.  

Base’s growth is further supported by its association with Coinbase, a $73 billion company, providing a robust user base and resources to enhance scalability and simplify dApp interactions.  

By focusing on open-source tools, open standards, and open markets, Base positions itself as a key player in the Ethereum Layer-2 landscape, driving innovation without relying on token incentives.  

As Pollak emphasised, Base’s mission centers on solving real-world problems, empowering developers, and fostering a sustainable blockchain ecosystem.