Rumors suggest Base is exploring a token launch around Q2–Q4 2026. At the same time, Base is already one of the most active L2s today: • 10M+ daily transactions • $1M+ in daily chain fees • $4.1B TVL Prediction markets are split: • Kalshi prices a 70% chance of a Base token in 2026 • Polymarket shows 64% odds by year-end, but only 21% by June A token launch would inevitably raise expectations and force Base to clearly define its value accrual model. A weak or poorly designed distribution could hurt the brand more than help it. That said, one proposed model is genuinely interesting: → tie the token to voting power over Coinbase itself In this setup: • Base Foundation raises capital • buys COIN shares • token holders vote on corporate decisions via a DAO That would effectively give holders governance exposure to a $70B public company. Rainbow has already shown a precedent for similar structures. Still, launching a token when the product already works is a huge risk.