"Coinbase L2 'Base' projected to have up to $50 billion market cap if token issued"

Coinbase's layer-2 (L2) blockchain 'Base' is officially considering the possibility of issuing a token, and there is a projection that the token's market capitalization could grow up to $50 billion.

On the 18th (local time), Ryan Ye, formerly of Coinbase Ventures, said in an interview with Unchained (UNCHAINED) that "the Base token's initial market capitalization is expected to be about $20 billion and could expand to $40–50 billion in the future." He emphasized that "token issuance would promote ecosystem expansion and attract more developers and users."

A concrete outlook on the token distribution structure also emerged. Ryan Ye explained that "20–40% of the total supply would be allocated to Coinbase, and about 20% would go to a community treasury," adding that "the remainder is likely to be distributed to users via airdrops or public sales." He added that "the Base token could, like Ethereum (ETH), be used in part to burn on-chain fees while also functioning as a core liquidity asset for decentralized finance (DeFi)."

Base recently carried out an integration with Solana (SOL) on its testnet. Ryan Ye analyzed that "this indicates Base recognizes Solana as a major competitor and has begun strategic moves to attract developers." He assessed that "competition between the two sides will focus on user culture and DeFi liquidity," and that "Base lags Solana on consumer experience but is showing a strategy to secure an advantage in DeFi liquidity."