Will Coinbase launch a native coin/token for Base?

Abiky

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Quote from: libert19 on September 24, 2023, 10:11:54 PM

I think it's wrong to compare Base with BNB and Cardano, since they all three have different purposes. Base is L2 rollup, BNB is EVM compatible independent blockchain, Cardano, no idea never used it, if it was relevant to ethereum, opportunity must have arose but it never did, so I remove it from comparison altogether.

Base can't run independent of Ethereum because it finalizes it's transactions on ethereum itself, thus they say, "inhering security of ethereum".

The only way Base would become a direct competitor of BNB, is if the developer team decides to part ways from the Ethereum blockchain (in other words, an independent blockchain or L1). I was only talking about the possibility of this happening in the future. After all, the crypto industry is full of surprises. Whatever Coinbase decides to do with Base in the long run would only be for the best. I think there's a high chance the company will launch a native token for Base, considering that similar projects already did it. Coinbase might be waiting for the next bull run to "pull the trigger".

Using the Base platform on a daily basis could give you the opportunity of earning huge profits after a successful token launch. That's assuming there will be an airdrop. We're just speculating here. No one can predict the future, so we can only hope for the best. Just my thoughts Grin

Xal0lex

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Quote from: Abiky on September 24, 2023, 08:35:18 PM

Quote from: Xal0lex on September 22, 2023, 01:24:09 PM

There's no problem with that. Look at how other projects that gave out airdrop behaved, such as Arbitrum. Although the price dropped after the coins were unlocked for retro hunters, but in general the price of the coin did not suffer much. If the project has market makers and good demand, the market will quickly swallow the sudden supply of token sales. If this pressure occurs during the dawn of the altcoin market, I am sure that for BASE these sales of airdrop coins will go unnoticed at all, as this coin will have a billion dollar capitalization and large trading volumes.

Airdrops could be a successful "venture" for any project if "done right". It's advised that the token/cryptocurrency creator put restrictions on eligibility to prevent a massive "dump" from happening across mainstream crypto exchanges. With an airdrop in place, Base could help attract the masses into its platform (especially when airdrops are some sort of marketing technique). For what I know, "all the cards are on the table". Coinbase has the power to make Base a solid L2 network with the resources it has. Even if there won't be any airdrops, that doesn't mean it's "game over" for good.

I once came across an interesting tweet where a major Influencer, who constantly monitors all these potentially lucrative airdrops, was asked what's the point of giving away money to everyone, wouldn't it be easier to sell these tokens on the launchpad? What's the point of Arbitrum or Aptos, for example, giving away thousands of dollars for simple tasks? The point is that large projects, under the guise of airdrops, assign most of the tokens to themselves and sell them along with all market participants after listing on the exchange. Nothing illegal for the regulators, nothing illegal for the community either, because everything was fair, fair distribution among the community.

libert19

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Quote from: Abiky on September 24, 2023, 08:35:18 PM

What Coinbase needs is to build an ecosystem strong enough that would challenge rival chains such as BNB and Cardano. Things are just getting started, so I'd suggest you "hold on tight" as this is going to be a "wild ride". Who knows if in the future Base becomes an independent blockchain network? Just my thoughts Grin

I think it's wrong to compare Base with BNB and Cardano, since they all three have different purposes. Base is L2 rollup, BNB is EVM compatible independent blockchain, Cardano, no idea never used it, if it was relevant to ethereum, opportunity must have arose but it never did, so I remove it from comparison altogether.

Base can't run independent of Ethereum because it finalizes it's transactions on ethereum itself, thus they say, "inhering security of ethereum".

Abiky

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Quote from: Xal0lex on September 22, 2023, 01:24:09 PM

There's no problem with that. Look at how other projects that gave out airdrop behaved, such as Arbitrum. Although the price dropped after the coins were unlocked for retro hunters, but in general the price of the coin did not suffer much. If the project has market makers and good demand, the market will quickly swallow the sudden supply of token sales. If this pressure occurs during the dawn of the altcoin market, I am sure that for BASE these sales of airdrop coins will go unnoticed at all, as this coin will have a billion dollar capitalization and large trading volumes.

Airdrops could be a successful "venture" for any project if "done right". It's advised that the token/cryptocurrency creator put restrictions on eligibility to prevent a massive "dump" from happening across mainstream crypto exchanges. With an airdrop in place, Base could help attract the masses into its platform (especially when airdrops are some sort of marketing technique). For what I know, "all the cards are on the table". Coinbase has the power to make Base a solid L2 network with the resources it has. Even if there won't be any airdrops, that doesn't mean it's "game over" for good.

What Coinbase needs is to build an ecosystem strong enough that would challenge rival chains such as BNB and Cardano. Things are just getting started, so I'd suggest you "hold on tight" as this is going to be a "wild ride". Who knows if in the future Base becomes an independent blockchain network? Just my thoughts Grin

Xal0lex

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Quote from: Abiky on September 21, 2023, 07:19:42 PM

Quote from: Xal0lex on September 19, 2023, 01:36:54 PM

They could release the coin at any time, but launching a big project and partner projects is best saved for better times, when there will be plenty of liquidity and mainstream investors will be able to lock in profits immediately. Coinbase is unlikely to conduct airdrop, regulators will not allow it. This platform is not characterized by its generosity, at most they can make some form of IEO with KYC for applicants to participate. I don't expect from such a platform as Coinbase any generous airdrop comparable to Uniswap or something like that.

I think they're waiting for the next bull market to make their move. It would be unwise to launch a new coin/token when everything is going all the way down the drain in an instant. I just hope they don't launch an airdrop for the good of the project. Otherwise, airdrop farmers/hunters will "dump" tokens on the market until it becomes worthless.

There's no problem with that. Look at how other projects that gave out airdrop behaved, such as Arbitrum. Although the price dropped after the coins were unlocked for retro hunters, but in general the price of the coin did not suffer much. If the project has market makers and good demand, the market will quickly swallow the sudden supply of token sales. If this pressure occurs during the dawn of the altcoin market, I am sure that for BASE these sales of airdrop coins will go unnoticed at all, as this coin will have a billion dollar capitalization and large trading volumes.

dbshck

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Quote from: tvplus006 on September 22, 2023, 07:24:54 AM

Chief Legal Officer Paul Grewal, in a conversation with Andre Beganski from Decrypt, did not rule out the release of the BASE token in the future - https://decrypt.co/videos/interviews/oWMD6y1W/will-base-ever-have-a-token-not-something-weve-ruled-out-entirely-says-coinbases-paul-grewal And since Paul Grewal does not rule out such a possibility, we should be ready to launching the BASE token by performing at least minimal activity on this network.

Thanks for pointing this out. Glad to hear this directly from Coinbase's chief legal officer. Hopefully, there won't be any major regulatory change that would prevent them from launching $BASE in the future.

I would recommend people to try friend.tech while playing around on Base chain. It's one of the hottest & innovative dApp on Base right now.

tvplus006

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Quote from: Abiky on September 21, 2023, 07:19:42 PM

...It would be wise to actively use the Base network in case Coinbase decides to launch its own coin/token in the long run. No one can predict the future, so lets hope for the best. Just my thoughts Grin

Chief Legal Officer Paul Grewal, in a conversation with Andre Beganski from Decrypt, did not rule out the release of the BASE token in the future - https://decrypt.co/videos/interviews/oWMD6y1W/will-base-ever-have-a-token-not-something-weve-ruled-out-entirely-says-coinbases-paul-grewal And since Paul Grewal does not rule out such a possibility, we should be ready to launching the BASE token by performing at least minimal activity on this network.

Abiky

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Quote from: Xal0lex on September 19, 2023, 01:36:54 PM

They could release the coin at any time, but launching a big project and partner projects is best saved for better times, when there will be plenty of liquidity and mainstream investors will be able to lock in profits immediately. Coinbase is unlikely to conduct airdrop, regulators will not allow it. This platform is not characterized by its generosity, at most they can make some form of IEO with KYC for applicants to participate. I don't expect from such a platform as Coinbase any generous airdrop comparable to Uniswap or something like that.

I think they're waiting for the next bull market to make their move. It would be unwise to launch a new coin/token when everything is going all the way down the drain in an instant. I just hope they don't launch an airdrop for the good of the project. Otherwise, airdrop farmers/hunters will "dump" tokens on the market until it becomes worthless.

I believe Base is fine just the way it is. A native token would be necessary if Coinbase is planning to make the network more decentralized. This will give the community the power to "govern" over the project using their "stake" on the network. The more tokens a person holds, the more votes he/she will have over developer proposals. Sort of like how it's the case with Uniswap today. It would be wise to actively use the Base network in case Coinbase decides to launch its own coin/token in the long run. No one can predict the future, so lets hope for the best. Just my thoughts Grin

Xal0lex

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Quote from: Abiky on September 12, 2023, 06:24:31 PM

Quote from: Xal0lex on September 12, 2023, 09:27:32 AM

If launch, it won't be now. Now the market is not predisposed for major launches. Liquidity is falling, capitalization is falling, interest among investors in altcoins is at a low level. When the large-scale deployment of new cryptocurrencies in various networks begins and the industry's capitalization becomes several trillion dollars again, we can expect that a crypto giant like Coinbase may launch such a product.

Exactly. Right now is a bad time to launch a new cryptocurrency or token into the market. Everything has been going downhill ever since the global economy went all the way down the drain. The FED announced its intentions to keep raising interest rates to battle inflation. Unless it stops, don't expect things to get better anytime soon. Once the crypto market turns bullish again, Coinbase might decide to launch a coin/token of its own for the Base network. By the time this happens, it's likely someone else replaced SEC chairman Gary Gensler. The US will be more flexible towards regulating crypto/Blockchain tech, allowing mainstream companies to get back into the game (particularly exchanges).

If there will be a token launch, it's best to "skip" the airdrop altogether to prevent abuse. There are too many airdrop hunters waiting to dump this token for good. A massive dump = lower market prices for the "Base" token. No one can predict the future, so lets hope for the best. Just my opinion

They could release the coin at any time, but launching a big project and partner projects is best saved for better times, when there will be plenty of liquidity and mainstream investors will be able to lock in profits immediately. Coinbase is unlikely to conduct airdrop, regulators will not allow it. This platform is not characterized by its generosity, at most they can make some form of IEO with KYC for applicants to participate. I don't expect from such a platform as Coinbase any generous airdrop comparable to Uniswap or something like that.

goxcraft

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Base is backed by Coinbase, and their response regarding this matter is negative. I have asked them about any possible airdrop distribution in the future. They have replied to me that they have no plan to launch a native token for the base. I am not sure how their governance will be maintained without tokens! Many people don't believe their statement, and that is the reason they are farming for airdrops in base.

Abiky

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Quote from: @sriyan on September 12, 2023, 10:11:14 PM

The base network is a layer 2 project. So normally layer 2 projects are targeting the mainnet users. The base network main net launched on 9th of the August. Normally layer 2 project launches a coin around 1-2 years after the mainnet launch. The other main problem is that Coinbase is in the USA so the USA companies are afraid to launch tokens due to SEC's regulations.

Possible Scenarios :

1. If they launch a token, that will be in 2024
2. If they don't, due to SEC.

I think the SEC's aggressiveness towards crypto/Blockchain tech is what refrained Coinbase from launching a token of its own. Once SEC chairman Gary Gensler is removed from office, Coinbase will have the "green light" to do this without restrictions. That is assuming the new chairman is crypto-friendly. If there's too much trouble, Coinbase could move its operations elsewhere (probably a country like Hong Kong or the UAE).

For now, the Base network is doing fine as a L2 scaling solution for Ethereum. People can finally enjoy lower fees and faster speeds without having to move to an alternative blockchain network that's centralized (eg: Binance Smart Chain or Solana). I'm pretty sure airdrop hunters are waiting for Coinbase to launch its own token just to cash in the rewards. However, the company could decide to exclude these entities to help prevent abuse of the system. Who knows what will happen within 1-2 years from now? Just my thoughts Grin

tvplus006

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Quote from: Abiky on September 12, 2023, 06:24:31 PM

...If there will be a token launch, it's best to "skip" the airdrop altogether to prevent abuse. There are too many airdrop hunters waiting to dump this token for good. A massive dump = lower market prices for the "Base" token. No one can predict the future, so lets hope for the best.

There is no problem in this. Even if everyone who receives airdrop immediately sells their coins, this cannot affect the operation of the Base network in any way. It is necessary to consider such coins as money received from the air, that is, initially having no value. And this will be an additional profit for the Base team and an incentive for each early participant of this network.

@sriyan

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Quote from: Abiky on September 07, 2023, 06:47:09 AM

As the title says, do you think Coinbase will launch its own coin/token for the Base network? If not, why? Considering that Coinbase is one of the world's largest crypto exchanges, it could directly compete with Binance's own Blockchain network dubbed "Binance Chain" (with BNB as its native token). The momentum is building for the Base chain, especially when it has the backing of the Optimism Foundation. If Coinbase doesn't launch its own token, it could lose the ability to collect fees from the network and profit from it. Maybe the reason for this is because they're afraid that the SEC might accuse them of launching an "unregistered security"? It would be nice to have an airdrop where early adopters of the platform get rewarded for testing it.

What are your thoughts? Your input will be greatly appreciated. Thanks.

The base network is a layer 2 project. So normally layer 2 projects are targeting the mainnet users. The base network main net launched on 9th of the August. Normally layer 2 project launches a coin around 1-2 years after the mainnet launch. The other main problem is that Coinbase is in the USA so the USA companies are afraid to launch tokens due to SEC's regulations.

Possible Scenarios :

1. If they launch a token, that will be in 2024
2. If they don't, due to SEC.

libert19

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Quote from: dbshck on September 08, 2023, 05:40:11 AM

However, it's worth noting that some major L2 chains, e.g. Arbitrum, initially had no intentions of launching a token, but we all witnessed how that turned out.

Arbitrum possibly already had plans, however, wouldn't confirm in public due to airdrop farmers. Have encountered several other projects who had no such 'plans' either but they did eventually launch a token, even did an airdrop. It's good pretension but farmers gonna farm.

Quote from: Husires on September 09, 2023, 05:19:04 AM

Quote from: Abiky on September 08, 2023, 09:05:01 PM

Ultimately, time will tell us whenever Coinbase will do this or not. Who knows if someday Base will directly compete with Binance Chain? Just my thoughts Grin

BSC from the beginning, it appeared as a competitor for the Ethereum block and tried to provide the cheaper fees and faster transactions. Consequently, if the ethereum excels in the low fees, it will turn into a dead block, so there is no benefit from Coinbase from the creation of its own network. The competition fields can be in stable currencies and NFT

Ethereum is to be scaled via Base like l2s only, it'll be BSC which will turn into dead block. CZ probably saw it coming and launched opBNB (which is l2 rollup like Base).

Regarding Base chain, regulatory stuff I don't understand much but people are already farming it massively, I expect a token and possibly airdrop too, curious to see how they gonna filter out sybils and what their criteria would be.

Abiky

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Quote from: Xal0lex on September 12, 2023, 09:27:32 AM

If launch, it won't be now. Now the market is not predisposed for major launches. Liquidity is falling, capitalization is falling, interest among investors in altcoins is at a low level. When the large-scale deployment of new cryptocurrencies in various networks begins and the industry's capitalization becomes several trillion dollars again, we can expect that a crypto giant like Coinbase may launch such a product.

Exactly. Right now is a bad time to launch a new cryptocurrency or token into the market. Everything has been going downhill ever since the global economy went all the way down the drain. The FED announced its intentions to keep raising interest rates to battle inflation. Unless it stops, don't expect things to get better anytime soon. Once the crypto market turns bullish again, Coinbase might decide to launch a coin/token of its own for the Base network. By the time this happens, it's likely someone else replaced SEC chairman Gary Gensler. The US will be more flexible towards regulating crypto/Blockchain tech, allowing mainstream companies to get back into the game (particularly exchanges).

If there will be a token launch, it's best to "skip" the airdrop altogether to prevent abuse. There are too many airdrop hunters waiting to dump this token for good. A massive dump = lower market prices for the "Base" token. No one can predict the future, so lets hope for the best. Just my opinion

danherbias07

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Correct and correct.
SEC's eyes are still glued to them. So they don't want to make a big move just yet but I do believe it will come to this. I have just recently read about BASE and I think their next step would be to create their own coin/token but they may be waiting for the right time to introduce it.
SEC is too busy attacking a lot of cryptocurrencies known in the market and they won't get away from it if they did it now. Maybe after the full approval of Bitcoin Spot ETF, we could some movements from Coinbase too.
Well, I just wish it will also end up successfully like how Binance did with BNB.

Xal0lex

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If launch, it won't be now. Now the market is not predisposed for major launches. Liquidity is falling, capitalization is falling, interest among investors in altcoins is at a low level. When the large-scale deployment of new cryptocurrencies in various networks begins and the industry's capitalization becomes several trillion dollars again, we can expect that a crypto giant like Coinbase may launch such a product.

mindrust

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Hopefully not. These coins only serve one purpose: pump and dump. What good is binance coin or kucoin coin for example? We wouldn’t lose anything if they didn’t exist. People only buy these coins to sell them at a higher price. They have no utility. (Bnb seems so have some utility but it doesn’t matter because it is centralized) So, you f coinbase comes up with their token, it will be just another pump and dump shitcoin in the market waiting for its end of life. The moment coinbase gets shut down, this token will go down with it. I wouldn’t invest in it for the long term.

tvplus006

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Quote from: $crypto$ on September 11, 2023, 12:49:32 PM

...Airdrop chasers overestimated the initial testing and they must have a different outlook like Arbitrum which was not going to have tokens but surprisingly they released tokens a while ago and early adopters got a piece of the action, that's what they expected of course sybil users must be a lot.

Nevertheless, the airdrop from Arbitrum had to wait 2 years after the main network was launched. How long it will take before the native token of the Base network is launched, we can only guess. Besides, there is no guarantee that it will ever happen at all.

$crypto$

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Quote from: tvplus006 on September 11, 2023, 12:30:53 PM

Quote from: Abiky on September 07, 2023, 06:47:09 AM

...Maybe the reason for this is because they're afraid that the SEC might accuse them of launching an "unregistered security"? It would be nice to have an airdrop where early adopters of the platform get rewarded for testing it.

Yes, it would be logical to distribute new coin among early users and thus avoid a lot of charges from the SEC. But Coinbase has repeatedly repeated that there will be no new token, or do you think that she specifically talked about it so as not to attract excessive attention from Sybil.

They are currently saying no... but it could happen in the future by releasing their own tokens if on the other hand they will be afraid of the SEC being a threat, whatever it is if they make it through it could happen? I guess no one ever knows.

Airdrop chasers overestimated the initial testing and they must have a different outlook like Arbitrum which was not going to have tokens but surprisingly they released tokens a while ago and early adopters got a piece of the action, that's what they expected of course sybil users must be a lot.

Topic: Will Coinbase launch a native coin/token for Base? (Read 357 times)