According to Mars Finance, Coinbase's L2 project Base has announced that it is exploring the possibility of issuing a token, marking a significant shift from its previous stance of not planning to issue a token. Ryan Ye, a former member of Coinbase Ventures, predicts that the initial market capitalization of the Base token could be around $20 billion, with the potential to rise to between $40 billion and $50 billion. He believes that the token issuance will significantly boost the development of the Base ecosystem and attract more developers and users. Ryan speculates that the token distribution may include: 20%-40% for Coinbase, about 20% for an independent community treasury, and the remainder distributed to the community through airdrops or public sales. He also noted that the Base token's functions may be similar to Ethereum's ETH, with part of it used for on-chain fee burning and potentially becoming a core liquidity asset in DeFi. Additionally, Base has integrated with Solana on the testnet. Ryan believes this indicates that Base recognizes Solana as its biggest competitor and is attracting developers with this move. He pointed out that the competition between Base and Solana mainly focuses on user culture and DeFi liquidity, with Base leaning more towards DeFi liquidity, while Solana excels in user experience and consumer culture. Related article: Having repeatedly stated that it would not issue a token, why has Base changed its mind now?
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