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Whether or not or not Base would have a token has lengthy been a dialogue level ever for the reason that L2 launched in mid-2023. On Monday at BaseCamp 2025, Jesse Pollak disclosed that Base is exploring the opportunity of launching a token for the L2.
By all metrics, Base is the main L2. It constantly accounts for over 70% of L2 gross revenue, 70% of L2 transaction exercise, $4.4 billion in stablecoins, and ~$20 million in month-to-month utility income.
In August, Base generated $6.2 million in community REV, annualized out to $75 million. Base stays one of many solely L2s with no token.
As the most important L2 producing probably the most in earnings, what might the Base token be value? Analyzing some competitor L2s (Arbitrum, Optimism, and ZKsync), present these tokens commerce at lofty price-to-sales ratios of 280x, 820x, and 1600x, respectively. This places the sector imply at a P/S of 900x.
Making use of this 900x a number of to Base’s $75 million in annualized REV places a possible FDV on a Base token at $67 billion. To be priced in step with ARB at a 280x a number of, this could value Base’s token at a $21 billion FDV. Are these projections “fair-value” for a Base token? Completely not. But it surely does go to indicate the market worth it might command is in step with the sector’s multiples.
The serviette math forecasts are dramatic. May launching a token actually create tens of billions in market worth for stakeholders? Coinbase fairness is buying and selling at a $84 billion market cap. This places Coinbase at 7x final quarter’s gross sales, annualized, whereas revenues from Base account for lower than 1% of the corporate’s topline gross sales. Would reattributing this income stream from fairness holders to an L2 token actually deserve a 100x larger a number of? Unlikely; the multiples within the sector are outrageous to start with.
