Base’s $15.2B 30‑day trading surge casts doubt on need for native L2 token
Coinbase’s Base network has shifted the Base App away from creator rewards and Farcaster social features to focus on tradable assets, raising questions about whether a native BASE token is necessary. The Creator Rewards program — which paid roughly $450,000 to ~17,000 creators (about $26 each) over seven months — will end with final payouts on Feb. 18. Base’s trading ecosystem has been the main driver: decentralized exchanges on Base processed $15.2 billion in trading volume over the past 30 days, led by Aerodrome Finance (AERO). Token Terminal data shows Base has generated $190.6 million in cumulative fees and revenue to date, with steady weekly inflows. Coinbase’s strategic reorientation toward trading and revenue monetization — plus high-profile branding such as Coinbase’s Super Bowl ad — suggests Base can bootstrap growth through usage and fees rather than a native token. For traders, the implication is that Base’s on-chain activity and fee generation are current value drivers; a launch of a BASE token looks optional rather than essential in the near term.
Neutral
Base’s shift to prioritizing tradable assets and ending low-impact creator rewards signals a pragmatic, revenue-focused strategy. The network’s recent 30‑day DEX volume of $15.2B and cumulative fee revenue of $190.6M are concrete, quantifiable value drivers that reduce the immediate need for a native token to bootstrap activity. For traders, that’s neutral-to-moderately positive: strong volume and fee generation support liquidity and on-chain activity (beneficial for trading opportunities), but the absence or postponement of a BASE token removes a potential new speculative asset that could have created short-term volatility and directional moves. Historically, token launches (or tokenless monetization) can produce either spikes (on launch) or steadier organic growth (no token). Short-term impact: increased trading volume on Base DEXs can create opportunities in related tokens (e.g., AERO) and higher fee revenue may attract more builders — supportive for intra-network liquidity. Long-term impact: if Coinbase continues to monetize and scale Base without a native token, the network may see sustainable, usage-driven growth rather than token-driven speculation; this could lower systemic volatility but also reduce massive speculative upside tied to a new token launch. Overall, market structure and on-chain metrics improve, but trader event risk tied to a token issuance is reduced — hence a neutral outlook with some positive fundamentals.