Crypto market leans into real-world adoption, and on-chain activity hits new highs. Base, Coinbase’s Layer-2 network for Ethereum, is emerging as one of the fastest-growing ecosystems in Web3.
As Base accelerates its global expansion and prepares to onboard the next generation of builders and users, the conversation around its long-term vision is more relevant than ever.
We sat down with Xen Baynham-Herd, Base’s Head of Global Growth, to understand what this future looks like and what it will take to bring millions, perhaps billions, into the on-chain economy. Before we moved to the actual conversation, we asked how he would explain Base to a newcomer. Xen avoids the usual jargon. “Base is an open stack for a global on-chain economy,” he says. “Think of it in three layers: the Base chain as the infrastructure, the Base app as the consumer-facing interface, and Base Build as the developer toolkit.”
These layers are designed to support not only transactions or DeFi, but a broader shift in how value, content, and identity move online. And while the technical foundation matters, Xen insists the real story lies in the people using it:
“There’s the physical network, and then there’s the human one. Builders, creators, traders, communities. That network is just as important as the chain itself.”
Base as a Coinbase-Backed L2 and Its Place in the On-Chain Ecosystem
Some observers now speak of Base as a cultural movement rather than just infrastructure. Why?
Infrastructure is the part we design, but what grows on top of it is a human network: builders, creators, investors, users. They contribute far more than code: they provide momentum. We sometimes call it the builder network. These are people building products, creating content, learning on Base, and investing on Base. That human layer is just as important as the physical infrastructure, if not more so. When people say Base has a culture, that’s really what they’re referring to.
Where is Base seeing the most organic traction globally?
Different regions contribute different strengths. One of our defining values is that we’re global by default. Our intention is to bring Base to every country and every region.
But when we think about international growth, certain regions simply tend to be stronger in certain areas, or they have more organic traction. San Francisco, New York, London, Singapore, the UAE, and Berlin are strong hubs for founders and capital, naturally producing more startups. But Africa, Southeast Asia, and Latin America consistently show the highest levels of crypto and stablecoin usage for payments and remittances. These are markets where user behaviour is already on-chain, even if builders are fewer. Meanwhile, trading-heavy markets, particularly the US and Europe, remain strong for volume and liquidity. We try to double down where that traction already exists.
Crypto adoption patterns also influence our thinking:
- Payment usage is highest in emerging markets, particularly in Africa and Latin America.
- Trading volume tends to be higher in Western markets.
We expect the Base app’s adoption to follow similar patterns.
How do you define “growth” internally?
Growth is multi-segment. This year, our primary focus was builders: attracting them to Base and helping them succeed.
Growth, for us, isn’t just increasing activity on-chain but expanding the total number of people who participate. The main measurement is how many builders are coming to Base, and how much their business is growing. We’ve also broadened growth to include people investing capital into the Base ecosystem.
As the Base app rolls out, the definition broadens to creators, investors, traders, and eventually mainstream consumers. Once it is launched globally, growth will, of course, include how many users will use it. So “global growth” really is global and includes builders, creators, traders, and consumers.
Our long-term goal is a billion users and a million developers; that is only possible if we bring in people who haven’t used crypto before. I often say: growth for Base means expanding the total pie, not fighting for existing users. That’s a harder strategy, but it’s the only one that leads to mass adoption.
You mentioned builders as a priority. Base Batches has grown quickly this year. What role does it play in the wider strategy?
Base Batches basically is our global accelerator and demo-day programme, which ran virtually: anyone, anywhere in the world could apply. Functionally, it worked like a hackathon, and the winners were invited to present during a virtual demo day.
For that first cohort, we received somewhere around 800 to 1,000 project submissions globally. Around 70 teams eventually presented on demo day. The second cohort has doubled in size: 1,624 submissions, split across the Builder and Start-up tracks. The overall $25,000 grant went to Upshot, a Malaysia-based “prediction card” platform.
It gives founders visibility, community, funding, and global reach. When builders win, the entire Base ecosystem grows. Startups create jobs, attract capital, build user bases, and those dynamics compound.
We brought 50 finalists to DevConnect in Buenos Aires, fully funding the trip and stay, to pitch to top global investors. These startups worked on everything from on-chain yield and DEX infrastructure to AI agents, video streaming, gaming, creator tools, and prediction markets.
The logic is simple: if you want to bring one million developers on-chain, build the ecosystem where they can succeed.
Where do you think the next wave of builders will go: L2s, appchains, or modular stacks? And how does Base position itself in that landscape?
Before I joined Base, I was building an on-chain company myself. And from that experience, I can say builders choose a chain based on four main factors.
First is the ease of building. Base is very easy to build on, it’s EVM, the tooling is strong, and the documentation is excellent. It’s much quicker to build on compared to something like Solana, which requires Rust and more specialised knowledge.
Second is access to users. Founders will always ask: “Where can I get users?” So, for Base to attract builders, we need to attract users through the Base app and through successful apps built on Base. When founders see users, they follow.
Third is access to capital. That means liquidity for token issuance, people willing to buy their token, and access to startup funding. Coinbase gives us a huge advantage here: Coinbase Ventures, the Base Ecosystem Fund, and a very strong investor network. Add to that the liquidity on the Base chain itself, and it’s a compelling place to build.
Fourth is the strength of the network. Builders want to be where other high-quality builders are. They want good co-founders, good teams, and other composable infrastructure they can integrate with. Crypto is inherently composable, so the strength of the builder network matters hugely.
That’s why we’re investing so much in the builder community, because, in many ways, the network is the product.
Regulation and Coinbase’s Global Strategy for Base
Regulation is a central variable for any global expansion. How does it shape Base’s strategy?
Regulation absolutely affects our strategy. Base is part of Coinbase, and Coinbase has always taken compliance extremely seriously, especially in regulated markets. So yes, we must comply with local regulations everywhere we operate.
That means our go-to-market strategy and the services we can offer differ between countries. The biggest impact is on where we choose to market aggressively. Some countries have strict rules around what can be said online, what you can promote, what product features you can discuss, and what types of financial services can be marketed.
So for every country we operate in, we conduct a full regulatory review to ensure we understand the local environment and stay within those guidelines.
But on a practical, day-to-day level, what comes first for you? Do you start with regulatory analysis and then decide whether a market is suitable? Or do you identify business potential first and then evaluate compliance?
Regulation generally determines which products we push most aggressively in a given country.
We have country leads located in more than 16 countries, and through them, we actively support or cover more than 25 countries in different capacities.
For example:
- Developer growth is the least regulated. In most markets, developers are free to build apps, and our role as a platform for builders is either lightly regulated or not regulated at all. So that’s an area where we can expand rapidly.
- Marketing the Base app, however, varies significantly. In the UK, there are strict rules around marketing financial products. Singapore and several other countries have similarly tight regulatory frameworks. So anything we do there must comply fully with those rules.
Fortunately, Coinbase already has extensive legal and compliance infrastructure globally, so Base is able to leverage that to ensure we remain compliant wherever we grow.
On-Chain Tools, User Experience, and the Coinbase Product Vision
Coinbase recently enabled DEX trading through Base. What does this represent?
It’s a meaningful shift. Coinbase users in the US and Brazil can now trade any token available on Base, even if the token isn’t listed on Coinbase, using integrated decentralised exchange liquidity. Brazil’s launch was detailed publicly, and more regions will follow.
It’s a clear example of Coinbase moving its business on-chain, and Base acts as the underlying infrastructure enabling that. These are the early pieces of Coinbase’s ambition to become an “everyday exchange” offering far broader access to on-chain financial instruments.
How does Base fit into Coinbase’s ambition to become a financial super-app?
Coinbase has publicly committed to two major initiatives:
- Bringing its business fully on-chain
- Becoming the “everyday exchange”
Historically, Coinbase has been a custodial platform: everything happens through a centralised exchange model. Over time, Coinbase is moving its business on-chain, meaning more activity will happen within open, decentralised ecosystems.
So Base effectively becomes the infrastructure layer through which Coinbase transitions more of its business into the on-chain world.
As Base is an issuance platform, it can be the place where individuals and organisations issue assets, not just crypto tokens, but tokenised stocks, bonds, stablecoins, derivatives, and more.
For example, users can borrow USDC collateralised by BTC. Over $1B in collateral has been deployed. The loans run through external on-chain protocols built on Base.
With these shifts, Base becomes the infrastructure that makes Coinbase’s on-chain future possible.
In the upcoming “everything exchange” roadmap (public details expected 17 December), Base can serve as the issuance platform for:
- Tokenised equities
- Bonds
- Stablecoins
- Derivatives
- Consumer assets
- Creator coins
Base becomes the foundational layer for a more open and accessible financial system.
Which part of financial services will Base influence the most first: payments, savings, or remittances?
The most immediate impact will be access to assets.
In countries where access to US dollars is limited, stablecoins fill a real need. Base now has $4.8 billion USDC issued and climbing.
We’re also betting on the creator economy. If the Base app succeeds, we expect millions of new content and creator coins ― an entirely new asset class that is still in its infancy. The upcoming Base app will allow creators to issue content coins and creator tokens. This category is still tiny, but it has the potential to become a major entry point for everyday users.
Roadmap, Leadership Priorities, and Why Base Matters
What are Base’s main goals for next year?
We’re finalising our planning, but the pillars are consistent:
- Scale the builder ecosystem
- Mass-onboard users into the Base app
- Grow the creator economy
- Support investors and traders
- Build out the global builder community: meetups, ambassadors, regional leads
In short, growth across every segment, everywhere.
What’s the biggest obstacle between where Base is now and where you want it to be in two years?
The size of the crypto ecosystem. It’s still small. To reach our ambitions, we need to onboard:
- People who have never used crypto
- Developers unfamiliar with on-chain architecture
- Investors who need clearer risk and reward frameworks
That requires on-chain products that feel as intuitive as TikTok or Instagram and developer tooling that abstracts away blockchain complexity.
Growing the pie is hard. But that’s the work.
Why does Base matter? Not to crypto insiders, but to the wider world.
Base matters because it gives us hope that we can build a better future ― one with better infrastructure that’s more open and accessible to everyone.
