To clarify: @base has achieved $15B+ TVL and 1M+ daily active users without token incentives, proving GENUINE product-market fit. $BASE token launch: > amplify this success through aligned incentives OR > backfire. Risks I see ↓ 1️⃣ The organic growth disruption Base's authentic user adoption has been its key differentiator. Users aren't farming airdrops, they're actually using apps on Base. Once token is announced: • Airdrop farmers flood the network with extractive behavior • App quality degrades as developers focus on token incentives over user experience • Mercenary capital replaces organic community building Historical Precedent: Look at Optimism's $OP launch – initial excitement followed by sustained sell pressure and questions about whether token incentives actually improved the user experience or just attracted farmers. 2️⃣ Regulatory & legal complications The @coinbase exposure: • SEC scrutiny intensifies — Base token could be classified as a security • Coinbase stock impact if Base token faces regulatory challenges • International compliance issues in jurisdictions where token launches are restricted • Launching a token during peak crypto regulatory uncertainty in the US could trigger investigations, enforcement actions, or classification as an unregistered security. This could damage both Base and Coinbase at a critical growth phase. 3️⃣ Tokenomics & distribution challenges The allocation dilemma: • How much to Coinbase? Too much = centralization concerns, too little = misaligned incentives • Retroactive vs. prospective rewards: early users vs. future growth • Inflation schedule: too aggressive = sell pressure, too conservative = insufficient incentives • Utility design: governance-only tokens often struggle with value accrual ➕ The Precedent Problem: Most L2 tokens have underperformed post-launch: • $ARB: Down 60% from highs despite strong fundamentals • $OP: Persistent sell pressure from ecosystem incentives • $MATIC: Struggling with value accrual despite adoption I agree if you disagree.