Coinbase’s upcoming BASE token is more than just an airdrop

Messari’s AJC says the design of Coinbase’s BASE token needs to balance shareholder value creation with meaningful community engagement.

Base developer Jesse Pollak has begun submitting proposals that will shape the design of the next BASE token. But airdrops are not about traders or liquidity.

Rather, it’s about shareholder value and sustainable engagement, according to Messari’s AJC.

BASE token airdrop

AJC’s analysis focuses on key factors. For the first time, Coinbase, a publicly traded company, will participate in a Token Generation Event (TGE). This structural difference, he argues, changes everything in game theory about token distribution, incentives, and long-term value creation.

TGEs and airdrops typically serve as liquidity events for venture investors and team members, and are designed to maximize the market debut of tokens. These launches often focus on short-term price increases or exchange listings, sometimes at the expense of sustainable ecosystem growth.

However, the AJC suggests that this model does not apply to Base. Coinbase shareholders are the ultimate stakeholders, so the issuance of BASE must be justified by how it increases shareholder value, not just the value of the token. The logic behind the distribution of BASE is not to reward early adopters or fuel speculative hype. It is to promote Coinbase’s corporate interests.

This insight reframes the entire purpose of a potential airdrop. BASE airdrops do not primarily serve as a reward mechanism for users, but rather as a strategic tool to increase the overall value of Coinbase stock.

Both shareholders and users will be happy

The challenge, according to the AJC, is to design an allocation model that satisfies both shareholders and community participants. The ideal solution would drive meaningful user engagement within the Base ecosystem while increasing Coinbase’s long-term value.

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In that context, AJC believes that the most valuable user actions are not typical on-chain performance metrics such as Total Value Lock (TVL), trading volume, or trading activity. Base already leads many Layer 2 peers across these categories. Rather, Coinbase’s real opportunity lies in improving the “social and consumer experience.” This includes activities that promote stickiness, organic adoption, and network effects.

Actions like experimenting with Creator Coin, using the Base app, and participating in community-facing projects may be more aligned with Coinbase’s goals. These are actions that create lasting, non-mercenary growth.

“Ultimately, shareholder dynamics will completely reshape how TGE and airdrops should be designed. Understanding that is key to positioning ourselves for the launch of BASE.”