SAN FRANCISCO / LONDON (IT BOLTWISE) – Coinbase could unlock up to $34 billion in value by launching a Base network token. JPMorgan analysts see this as a significant new monetization path for the company as it increasingly focuses on its Layer 2 ecosystem and stablecoin economics.
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Coinbase, one of the leading crypto exchanges, could gain significant financial gain by launching its own token for its Base network. According to analysts at JPMorgan, the value of this token could reach up to $34 billion. This assessment is based on the assumption that Coinbase is opening up new monetization opportunities by tokenizing its Ethereum-based Layer 2 network.
The Base Network, which launched in August 2023, already has over $5 billion in Total Value Locked (TVL) and sees more than 9 million transactions daily. These impressive numbers illustrate the potential that lies in the tokenization of the network. Coinbase could retain up to 40% of the token supply, representing an equity value of between $4 billion and $12 billion.
In addition to plans for a Base token, Coinbase is also exploring changes to its USDC yield program. Currently, the company passes on the majority of the interest it receives from Circle’s USDC reserves to its customers. A shift to a model that only pays interest to Coinbase One subscribers could bring in about $374 million annually for the company.
Another strategic move by Coinbase is the integration of a DEX aggregator into the Base app. This could serve as a hedge against the growth of decentralized exchanges, which now account for around 25% of total spot crypto trading volume. These developments could further increase Coinbase’s share price, which hit a record high of $430 back in July.
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