Unchained Bits + Bips: Could a Base Token Be Coinbase's Key to a Super App? - Ep. 905
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Sep 17, 2025 In this engaging discussion, Nic Cary, Co-Founder of Blockchain.com, and Max Gokhman, Deputy CIO at Franklin Templeton, dive into the potential impact of Coinbase's Base token on the L2 landscape. They explore whether Coinbase could become DeFi's backbone and analyze the valuation of L2s. The conversation extends to how giants from Web2 and TradFi might transition to the onchain space and the overdue need for privacy infrastructure. Nic also outlines TON's superapp strategy and its implications for social platforms.
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Base Token Raises Governance Questions
- Coinbase plans a Base token to bootstrap growth, but details on governance and revenue are unclear.
- The token's design will determine whether it genuinely decentralizes Base or merely monetizes usage.
Institutional Valuation Frameworks For Tokens
- Franklin Templeton is building frameworks to value L2s and tokens using multiple models.
- Tokens can be valued by cashflow, network metrics, statistical models, and tailored factor frameworks.
Design Tokens With Clear Utility Or Rights
- Treat token offerings transparently and consider securities law frameworks when they offer cash flow or control rights.
- Design tokens with clear governance or utility to justify ownership and avoid regulatory pitfalls.