Coinbase Legal Chief Talks About A Possible Base Token, SEC Is Watching

Coinbase’s Base Network, the Ethereum-based Layer-2 scalability platform, has taken off quite well ever since its launch this year. In his recent interview, Coinbase’s legal chief Paul Grewal hinted at the possibility of having a digital token for the Base Network.

Grewal said that he’s quite excited about the early adoption that the Base Network is seeing. He added that they are just scratching the surface at this point and there’s a lot more for developers to explore going ahead.

As we know, the Coinbase Layer 2 works on the OP Stack, which is a Layer-2 solution developed by the Optimism network. Also, Optimism also has its own native token $OP running in the market.

Decrypt’s Andre Beganski asked Paul Grewal about his views on having a Base Token in the market considering Coinbase’s current rift with the U.S. Securities and Exchange Commission (SEC). Grewal said that a Base token could be viable at some point in the future, and they haven’t ruled out entirely.

However, their immediate focus with Coinbase Base is pushing the use of technology for new development, said Grewal. Adding further Grewal said that they are optimistic about working with the SEC and helping shape the crypto landscape in order to bring clarity for all the stakeholders. As a result, Coinbase has also been pushing for a US crypto bill by launching an advocacy campaign.

Steering Growth With Coinbase Base

Base has experienced promising early success, reaching a notable milestone. Coinbase’s Base Netowrk has surged ahead of Solana to claim the ninth position in terms of total value locked (TVL). According to data from DeFiLlama, the DeFi protocols on Base have accumulated deposits amounting to $370.50 million, surpassing Solana’s $310.25 million.

This growth can be primarily attributed to increased activity on the Web3 social media platform Friend.tech, along with the recent integration of well-regarded DeFi applications into the blockchain in recent weeks.

Coinbase promotes Base as a “bridge” for users into the cryptoeconomy. Coinbase seeks to provide a user-friendly default on-chain experience with access to products on various other chains. In addition to enhancing Base’s interoperability with other chains, Coinbase stays committed to supporting a wide range of chains across Coinbase products.