Base has recently said it will focus on developing dApps that provide real solutions to users and not on launching a native token.
Base founder Jesse Pollak took to X (formerly Twitter) to confirm that the Layer 2 network has no plans to launch a native token in the near future. According to Pollak’s post, Base will focus on developing decentralized applications (dApps) that offer practical and effective solutions for users, rather than focusing on the launch of a native token.
This decision has sparked a wide debate in the cryptocurrency community, especially considering the rise of native tokens on other blockchain platforms.
Base's vision is beyond tokens
Base, which operates as a layer-2 scaling solution for Ethereum, seeks to improve the accessibility and efficiency of transactions on the blockchain. Pollak explained that Base's mission is to bring one billion people into the world of blockchain and Web3, focusing on creating an environment where developers can build applications that truly impact users' daily lives. Thus, instead of focusing on creating a token, the strategy is based on providing the necessary tools for developers to create effective and attractive dApps.
In his post, Pollak highlighted that having started development of the L2 network without a native token has allowed them to focus on “solving real problems,” rather than the complexity of asset pricing.
So, although many projects seek to maximize their capitalization through the issuance of a native token, the founder of Base believes that the most important thing for the project is to focus on products that users like and that are useful to them.
Fostering developer community participation
In addition to developing applications that provide value and utility to users, Pollak noted that Base will focus on incentivizing developer participation in its blockchain ecosystem.
As of August 2024, the Base network boasts nearly 4000 developers, making it the second-largest developer hub after the Ethereum network. This growth is complemented by impressive user engagement and a total value locked (TVL) of over $3.600 billion deposited in DeFi, reflecting its importance among Layer 2 networks.
What is the Base network?
The Base network, developed as a Layer 2 on top of Ethereum, plays a crucial role in the blockchain ecosystem. This open-source and decentralized blockchain was developed to address the scalability and cost limitations faced by Ethereum, using Optimistic Rollups technology to process transactions faster, cheaper, and more efficiently. Thanks to the advantages it offers to users and developers, Base has positioned itself as one of the leaders in the crypto space.
Base’s importance lies not only in its ability to reduce transaction fees, but also in its focus on fostering community participation by users and developers, facilitating the creation of decentralized applications (dApps) and improving accessibility for all participants within the digital ecosystem.
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