- According to Paul Grewal, Coinbase has not completely rejected the idea of a new token for the Ethereum Layer 2 network Base, which was incubated by Coinbase.
- Grewal also acknowledged that they may not be the ones to develop the most attractive use cases and applications that will attract the next 100 million and eventually a billion users to the crypto world.
- Base, the mainnet of the Ethereum Layer 2 network, officially launched on August 9th and has surpassed 100,000 daily active users.
Coinbase Vice President Paul Grewal said in an interview that the Coinbase exchange has not completely rejected Base token plans.
Coinbase Doesn’t Reject Base Token Completely!
Coinbase Vice President Paul Grewal stated in an interview that Coinbase has not completely rejected the idea of a new token for the Ethereum Layer 2 network Base, which was incubated by Coinbase.
When Base was launched in August, Coinbase stated that they were “not currently planning to launch a new network token.” However, Grewal said in an interview yesterday that “this is not something we completely reject.” He added, “I think a token could be possible at some point in the future.”
Currently, Coinbase’s focus is on providing tools and technology for users to experiment with. Grewal stated, “The goal has always been to expand opportunities and give others the opportunity to use their creativity.”
Grewal also acknowledged that they may not be the ones to develop the most attractive use cases and applications that will attract the next 100 million and eventually a billion users to the crypto world. He added, “Tokenizing the economy and the protocol is clearly something we are less focused on right now because when it comes to developing Base, we realize that we may not have all the answers as Coinbase, and we need to be pioneering, perhaps with a bit of humility.”
Pressure for Regulatory Clarity
Coinbase is also working towards clearer crypto regulations and the “Stand With Crypto” initiative aims to mobilize more than 50 million Americans interested in crypto. Grewal said the goal is to support regulations that strike the right balance between promoting innovation and protecting consumers and investors.
Grewal emphasized the trend of countries adopting sensible crypto regulations and questioned why the U.S. hasn’t followed the same path. With more Americans getting involved in the crypto space, the reflection of laws and regulations is crucial, he said.
Grewal also praised the judge’s nuanced understanding of technology in the Uniswap case and suggested it could set an important precedent for how decentralized protocols like Coinbase’s Base are viewed from a responsibility perspective. Currently, Coinbase is facing allegations of violating U.S. securities laws by the U.S. Securities and Exchange Commission.
Base Enters the Ethereum Scaling Race
Base officially launched on the mainnet of the Ethereum Layer 2 network on August 9th, and it has surpassed 100,000 daily active users—partly associated with the hype generated by the social network Friend.tech and Base’s “Onchain Summer” initiative.
Daily transaction counts on the Ethereum Layer 2 have also recently exceeded the transactions of the Optimistic Rollup scaling solutions Arbitrum and Optimism. Base’s seven-day average daily transaction count reached 1.5 million on September 19th, equaling the previous record reached by Arbitrum in March, surpassing Optimism’s 346,000, and Arbitrum’s 490,000 transaction counts.
