Morning Minute: Coinbase Teases a Network Token

Core Insights - Coinbase's Layer 2 solution, Base, is officially exploring the launch of a network token, as announced by Jesse Pollak at BaseCamp [2][6] - The company aims to engage with U.S. regulators during the token development process, emphasizing transparency [2][6] - Base has demonstrated significant usage metrics, which could position its token favorably in the market upon launch [2][6] Usage Metrics - Base currently has approximately 13 million daily transactions [6] - There are around 865,000 active addresses on the Base network [6] - Total Value Locked (TVL) in Base is about $5 billion, with a 24-hour decentralized exchange (DEX) volume of approximately $1.28 billion [6][7] Market Comparisons - Base's TVL of ~$5 billion and DEX volume of ~$1.28 billion positions it competitively against other Layer 2 solutions [7] - For comparison, Arbitrum has a TVL of ~$3.45 billion and a 24-hour DEX volume of ~$521 million, while Optimism has a TVL of ~$2.27 billion and a DEX volume of ~$29 million [7] - BNB Chain, with a fully diluted valuation (fdv) of $128 billion, has a DEX volume of ~$2.48 billion [7]