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Whether or not Base would have a token has long been a discussion point ever since the L2 launched in mid-2023. On Monday at BaseCamp 2025, Jesse Pollak disclosed that Base is exploring the possibility of launching a token for the L2.
By all metrics, Base is the leading L2. It consistently accounts for over 70% of L2 gross profit, 70% of L2 transaction activity, $4.4 billion in stablecoins, and ~$20 million in monthly application revenue.
In August, Base generated $6.2 million in network REV, annualized out to $75 million. Base remains one of the only L2s without a token.
As the largest L2 generating the most in profits, what could the Base token be worth? Examining some competitor L2s (Arbitrum, Optimism, and ZKsync), show these tokens trade at lofty price-to-sales ratios of 280x, 820x, and 1600x, respectively. This puts the sector mean at a P/S of 900x.
Applying this 900x multiple to Base’s $75 million in annualized REV puts a potential FDV on a Base token at $67 billion. To be priced in line with ARB at a 280x multiple, this would price Base’s token at a $21 billion FDV. Are these projections “fair-value” for a Base token? Absolutely not. But it does go to show the market value it could command is consistent with the sector’s multiples.
The napkin math forecasts are dramatic. Could launching a token really create tens of billions in market value for stakeholders? Coinbase equity is trading at a $84 billion market cap. This puts Coinbase at 7x last quarter’s sales, annualized, while revenues from Base account for less than 1% of the company’s topline sales. Would reattributing this revenue stream from equity holders to an L2 token really deserve a 100x higher multiple? Unlikely; the multiples in the sector are outrageous to begin with.
