Base가 정말로 토큰을 발행할까? B-20과 Beryl 코드가 강력한 신호를 보내다

Original author: KarenZ, Foresight News

The speculation around a Base airdrop is heating up once again.

On one hand, the Base official blog has listed the built-in token standard as part of future upgrade plans. On the other hand, the open-source repository has been integrating B20Factory, PolicyRegistry, and Beryl test modules in rapid succession over the past few days. Adding to this, the cryptic teaser video Base released on May 25th, captioned simply "...", the market has naturally connected these signals to a single question: Is Base preparing for a network token and airdrop?

As of May 26, 2026, Base has not yet announced a tokenomics model, snapshot rules, or an airdrop timeline. What is certain is that Base's token infrastructure is entering a more tangible engineering phase, and market expectations for a token launch are rising accordingly.

Official Roadmap Mentions 'Protocol-Built-in Token Standard'

Base has already made public statements regarding a network token. In September 2025, Base Network Lead Jesse Pollak mentioned the exploration of a network token.

Over a month later, Coinbase co-founder and CEO Brian Armstrong stated during the Q3 earnings call Q&A, "We are currently in the early stages of exploring a Base network token. We won't share any details on governance, distribution models, or specific timelines for now and will continue the discussion in a public manner."

New clues come from an official blog post introducing the Base Azul upgrade. In the 'Next Steps' section of the post, Base lists 'establishing a token standard' as part of the next performance upgrade expected to launch at the end of June.

'Establishing a token standard' can be interpreted as a protocol-built-in token standard. While this phrasing is still a step short of 'Base will issue its own token', it clearly indicates one thing: Base is advancing token issuance capabilities onto its protocol roadmap. For a network that has publicly discussed a network token, this is enough for the market to re-evaluate its token launch timeline.

B-20 Code Implementation, Native Token Framework Taking Shape

Beyond the official blog, the B-20 module within the Base repository provides a more concrete technical picture.

On May 19th, Base merged the 'Dynamic Native Token Addresses' commit. The current source code shows that B20Factory can derive deterministic token addresses based on the creator's address, token type variant, and a custom salt parameter.

In b20_factory/variant.rs, Base defines three types of B-20 assets: regular B20 tokens, stablecoins, and security tokens.

b20_factory/storage.rs implements createB20, supporting writes for name, symbol, supply cap, and initial mint calls. This appears more like a native issuance framework covering multiple types of on-chain assets, rather than a single contract for just one governance token.

The detail that garnered the most community attention comes from the benchmark file base_precompiles.rs. This file did indeed name the test token 'BaseToken' with the symbol 'BASE'. However, this detail should be interpreted cautiously and is not sufficient evidence of an imminent token launch.

Beryl Code Exposure: Base's Native Asset System Moving Towards Compliance Control

The significance of B-20 isn't just about the ability to 'issue tokens'.

In provider.rs, Base states that upon upgrading to Beryl and later, the network will install dynamic precompiles like B20Factory, PolicyRegistryPrecompile, and ActivationRegistry. Currently, no official upgrade page or mainnet activation time for Beryl is found in retrievable documentation, but the code already indicates its functional direction.

Among these, PolicyRegistry is particularly noteworthy. This module supports allowlists and blocklists, and allows B-20 tokens to bind policies concerning:

• Transfer sender;
• Transfer recipient;
• Debit execution party;
• Mint recipient.

In actions/harness/tests/beryl/policy_transfer.rs, the test code has already verified that B-20 transfers will be rejected if the sender does not meet the bound allowlist requirements or is on a blocklist.

This kind of design is highly suitable for assets with permission constraints, such as stablecoins, security tokens, and RWAs. It suggests Base is building a native asset issuance and circulation system, potentially aimed at supporting on-chain financial markets, not just a single potential BASE token.

Summary

A network that has explicitly discussed a network token is now building native token factories, stablecoin modules, security asset modules, and permission policy systems at the execution layer. This indeed indicates that Base is deepening its investment in on-chain asset issuance.

This also aligns with the team's recent public statements. On May 24th, Base Lead Jesse Pollak shared and endorsed Coinbase CEO Brian Armstrong's discussion on the direction of financial system upgrades, focusing on RWA tokenization, stablecoin payments, and delegated payments. These statements are highly consistent with B-20's design of simultaneously supporting regular tokens, stablecoins, and security tokens.

However, there is a nuance that can be easily overlooked: native token infrastructure can serve ecosystem issuance, stablecoins, RWAs, compliant securities assets, or Base's own network token. The code proves Base is expanding its asset issuance capabilities, but it does not prove when its own token will be launched or whether it will be distributed to users via an airdrop.

A more prudent assessment at this point is: Base has reached a stage where its token infrastructure is gradually taking shape. As for whether historical users will receive an airdrop, how eligibility will be calculated, and when distribution will commence, we must still wait for official disclosure.