Base confirms no plans for a network token and prioritizes building solutions for real-world problems

On November 30, Base, the Ethereum L2 solution on Coinbase, clarified that it had no plans for a native token. However, the L2 network stated it would focus on dApp building and developer empowerment moving forward. It even asked for input on how best to improve its services.

Base’s focus is on dApp development and encouraging developers

Jesse Pollak, founder of Base and Head of Protocols at Coinbase, revealed in a post on X that they had no intention of launching a native token; instead, the platform will prioritize dApp building.

He said:

And finally, 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. I want your feedback on what we can be doing better.

~Jesse Pollak

In another post, Pollak tagged the platform’s “greatest strengths” as its open source, open standards, and open markets, which, according to him, breed faster innovation and more fun. He gave the example of Clanker on the platform.

He’s even encouraged developers to build on the platform, saying, “Build, and we will be rewarded.”

Base’s VIRTUAL is in surprisingly high demand, with its market cap growing by over 60%

Although the L2 network does not intend to release a native token on its network anytime soon, some of the products on its blockchain are doing exceedingly well, including the VIRTUAL Token and aixbt.

According to Coingecko, by November 29, Virtual Protocols Ecosystem on Base’s platform’s market cap had soared by over 50.4%, reaching $1.78 billion. Currently, it is close to surpassing $2.4 billion, rising by 61%. 

The token VIRTUAL‘s 24-hour trading volume is at $498,352,940. It is currently trading at $1,79, a 35% rise in the last 24 hours and up by 206% in the last seven days.

Aixbt’s price has also risen by over 323% in the last week, trading at $0.201. Pollak even commented on Aixbt’s rise, saying the AI agent ranks first in on-chain mindshare. 

Analysts have attributed the growing interest in the Virtual Products Ecosystem to the escalated demand for AI agents and AI-based programs, which are efficient and fast at completing tasks.

Greg Isenberg, an entrepreneur and venture capitalist, projects even more revenue growth for AI agents like Aixbt. He believes the market for AI agents could easily grow to a trillion-dollar market, saying the world will soon replace human workflows with AI agents.

From Zero to Web3 Pro: Your 90-Day Career Launch Plan