AJC, a corporate research manager at Messari analytics company, shared his thoughts on the future of the BASE token for Coinbase’s second-tier solution, Base, emphasizing that this is the first time a public company has launched its own token.

According to him, unlike traditional token generation events (TGEs) or airdrops, which typically serve as “liquidity for private investors and the team” and aim to maximize the value of the token at launch, the BASE model has a completely different logic.

“This dynamic does not exist with the BASE token. Instead, the goal of BASE’s TGE/airdrop is to maximize shareholder value,” he said.

He expressed his position in response to a request from Base project director Jesse Pollack, when he called on the community to share suggestions:

“If you have ideas, feedback, hopes, or dreams for our exploration of a @base token, please send them to @kabir_base. We shared this openly so we could listen and learn from all of you — and I’ve been blown away by the input in just the first two weeks.”

AJC emphasized that the BASE airdrop should be designed to create value for Coinbase shareholders, not just reward users:

“From a shareholder perspective, it only makes sense to give up a portion of the rights to the BASE token if you think that by doing so, it will increase shareholder value.“

AJC emphasized that users looking to prepare for the airdrop should not focus on typical DeFi metrics, but on actions that create added value for Coinbase.

“It’s probably not DeFi metrics like TVL [total blocked assets], trading volume, or transaction count. Base already leads other L2s across those areas. […] Coinbase really needs to incentivize social and consumer experiences,” the analyst said.

He believes that using the BaseApp, launching creator coins, and interacting with consumer-facing apps are behaviors that are logical to encourage:

“These behaviors are less transactional, more community-driven, and far more likely to generate durable value for both Coinbase shareholders and the Base ecosystem.”

The emergence of the BASE token could be a game-changer for the market: it is the first time a public company has approached tokenization from the perspective of value for shareholders, not just the crypto community. As AJC noted, “the shareholder dynamic completely reshapes how a TGE or airdrop should be designed, and understanding that is key to positioning yourself for the BASE launch.”

As a reminder, in September, the Base project announced that it was exploring the issue of issuing its own token. Earlier, the exchange’s management stated that it was not considering this possibility due to regulatory risks.