Former Coinbase Ventures member: Base token's initial market capitalization may be around $20 billion, and token functionality may be similar to ETH

According to a recent interview with Unchained, Coinbase's Level 2 project, Base, announced it is exploring the possibility of issuing a token. This move marks a significant shift from Base's previous position that it had never planned to issue a token. Ryan Ye, a former member of Coinbase Ventures, predicts that the Base token's initial market capitalization could be approximately $20 billion, with the potential to rise to $40 billion to $50 billion. He believes that the token issuance will significantly boost the Base ecosystem and attract more developers and users. Ryan speculates that the token distribution could include: 20%-40% going to Coinbase, approximately 20% going to an independent community treasury, and the remainder distributed to the community through airdrops or public sales. He also suggests that the Base token could function similarly to Ethereum's ETH, partially used for on-chain fee burn, while potentially becoming a core liquidity asset for DeFi. Furthermore, Base has integrated with Solana on its testnet. Ryan believes this demonstrates that Base recognizes Solana as its primary competitor and is using this initiative to attract developers. He pointed out that the competition between Base and Solana mainly focuses on user culture and DeFi liquidity. Base is more inclined towards DeFi liquidity, while Solana has an advantage in user experience and consumer culture.