基础代币：无日期、无配额，链上已有62.7亿美元

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Base 究竟为何物及其背后的推手

Base 是一个 Layer 2（二层网络），它是一个独立运行的网络，能够自行处理交易并将结果以打包形式在以太坊上确立安全性。该网络由 Coinbase 构建并运营，Coinbase 是美国最大的上市加密货币交易所。在 Base 网络上进行支付使用的是以太币（ETH），而非其自有代币。根据 Base 开发者文档（检索日期为 2026 年 9 月 27 日），该网络的技术标识符——链 ID 为 8453。

与 Coinbase 的紧密联系解释了 Base 在德国市场的重要性。用户可以直接从交易所将余额提现至该网络，无需经过跨链桥接或安装额外的应用程序。这种便利性也是其战略核心所在：Coinbase 已宣布将在 2026 年将 Base 定位为代币化市场、稳定币支付以及开发者工具的重点领域。

Base 代币是否即将推出？Coinbase 说了什么又没说什么

所有关于代币的预期源于 Base 负责人 Jesse Pollak 的一句话：团队正在探索发行一种网络代币（来源：The Block，2025 年 9 月）。除此之外，没有任何更多说明，此后也未添加任何新信息。目前尚未公布任何日期、分配数量或资格规则。

各种指南对此的解读变成了一种缺乏依据的行动号召：声称现在在 Base 上进行交易的人正在积累未来将获得奖励的记录。这种情况可能发生，也可能不会发生。只要没有公布资格规则，就不存在任何可以优化活动的标准。

从中可以得出的实际结论

即使没有代币，两点事实依然成立。首先：任何人因为费用低廉而使用 Base，这是基于今天即可量化的原因。其次：任何人纯粹为了捕捉空投机会而将资金转移到 Base，都需承担确定的费用、价差以及持有代币的价格风险；相比之下，空投本身却是不确定的。

今日谁在使用 Base：62.7 亿美元，其中 70% 集中在一个协议中

总锁仓价值（TVL）是指存储在链上应用中的所有余额总和。在 DefiLlama 界面上的直接查询显示（检索日期为 2026 年 9 月 27 日），Base 的 TVL 为 62.7 亿美元。在统计的 329 个网络中，Base 排名第三，仅次于拥有 536 亿美元 TVL 的以太坊和拥有 66.6 亿美元 TVL 的 Solana，但高于拥有 58.6 亿美元 TVL 的 BNB Chain。

In the Ethereum Layer 2 network, the gap is huge: In the same query, Arbitrum was $1.45 billion, Robinhood Chain was $1.03 billion, Polygon was $810 million, and OP Mainnet was $480 million. Base is more than four times ahead of the next network in the group.

What is more interesting than the headline numbers is the composition. Of the $6.27 billion,$4.42 billion was deposited in the single loan agreement Morpho Blue. This was followed by two risk managers, holding a combined $1.81 billion, directing capital to these lending markets, while Aave V3 held $554 million. Based on this measurement, Base is mainly a lending market, followed by a trading venue. If Base is described as a vibrant meme token ecosystem, that describes only a small part of it.

A transaction cost on Base: Comparative measurement with Ethereum

This is our own measurement, not an estimate. We queried two public nodes on September 27, 2026, respectively, for the newly generated blocks at that time:

Base, block 51,872,866, 18:51 UTC: the base rate is 0.005 gwei, and the Gas usage in the block is 42.8 million.
Ethereum, Block 26,070,659, 18:44 UTC: The base rate is 0.169 gwei, and the Gas usage in the block is 32.03 million.

Gwei is the price unit of Gas, which is equivalent to one billionth of ether. At this time, Base's base rate is about one-thirty-fourth of the Ethereum value. For a simple transfer that consumes 21,000 Gas, the amount is only a fraction of a cent. These values fluctuate from minute to minute, but differences of this order of magnitude have persisted for years.

The real difficulty lies in the way of entry and exit, not the fees within the network. Withdraws from the exchange require a fixed fee set by the exchange, while on the optimistic Layer 2 network, returning via an official bridge can take up to a week.

How to enter Base: Exchange Withdrawal, Bridge and Chain ID 8453

The easiest path is through an exchange that supports Base as a withdrawal network. Select Base instead of Ethereum in the withdrawal window, and the balance will appear at the same address as your Ethereum address. Addresses are constructed the same way on all EVM networks, and chain IDs are used to distinguish them.

The second path is to use bridging services, which transfers balances between two networks. Base's official bridging is a conservative option, while third-party providers are faster but also increase their own risk of failure. In either case, the wallet must recognize Base; in common applications, the network is preconfigured; if it is not preconfigured, you only need to provide the chain ID 8453 and a public RPC endpoint.

Converting on Base: Comparing Aerodrome and Uniswap by capital size

去中心化交易所（DEX）是没有运营商账户的交易场所：兑换操作是与其他用户存入流动性池的资金进行的。在 Base 上，Aerodrome 是最大的此类场所。2026 年 9 月 27 日的测量数据显示，该协议两个版本的总存款资本为 3.74 亿美元，而 Base 上的 Uniswap V3 则为 3.25 亿美元。

在实践中，更多的存款资本意味着大额订单的价格滑点更小。对于私人投资者移动的资金量，这两个场所的深度都已足够，决策取决于交易对。对于仅在 Base 上存在的代币，Aerodrome 往往是有意义流动性的唯一去处。

Aerodrome (AERO) 图表表现：30 天内上涨 68%，但仍低于高点三分之二

该协议的代币名为 AERO，在 2026 年 9 月 27 日价格为 0.75 欧元（来源：CoinGecko）。其走势表现为：7 天内上涨 25.8%，30 天内上涨 67.9%，即便如此，仍比 2.21 欧元的历史高点低 66.2%。在市值排名中，AERO 位列第 88 位。

这四个数据共同构成了完整的故事。一个月内三分之二的涨幅表明资本正回流到 Base 生态系统。与高点的距离表明，2024 年的早期买家仍然深陷亏损。两者同时存在，仅阅读其中一个数据会产生错误的画面。

三十天涨幅所无法告诉你的事情

在 DEX 中的流动性头寸回报由交易费和分发代币组成。如果分发代币的价格上涨，报告的收益率随之上升，而无需发生更多的交易。因此，查看收益率数据时，应明确其中多少来自费用，多少来自新发行代币的估值。

Base 上的代币化股票：新事物与剩余风险

2026 年 Base 生态系统中增长最快的部分涉及代币化股票，即追踪真实股票价格的代币。在法律层面，这些通常是由提供商发行的债务证券，而非股票：持有者没有投票权，也没有对证券的直接索赔权，而是对发行人的债权请求权。当出现问题时这意味着什么，我们在 2026 年 8 月 16 日的另一篇文章中详细拆解了所有权和发行人风险。

对于美国的监管框架，美国证券交易委员会（SEC）于 2026 年 9 月 17 日采纳的豁免是关键变化。对于德国的投资者而言，这并不带来许可或监管：美国当局授予的豁免权并不改变提供商在此运营的合法性问题。

Base 的风险：排序器、旧批准及技术重构

这个网络伴随着三种风险，且均非罕见现象。

排序器（Sequencer）：A sorter is an entity that sets the order of Layer 2 transactions. On Base, Coinbase operates the entity separately. If it fails, new transactions will stall until operations resume. Balances are not affected because they are guaranteed through Ethereum, but availability is affected.

Old Approvals: Each redemption on DEX grants the contract the right to deduct a specific number of tokens from your address, and this right continues after redemption. In a chain with many new and lightly vetted applications, such approvals can pile up quickly. Eliminate them on Base for just a few cents.

Technical refactoring: Base is breaking away from Optimism's shared software stack and building its own infrastructure. For users, the address and balance remain unchanged, but such reconstructions always bring about a lag in third-party tools and bridges. Anyone who moves a large amount of money during this period should confirm in advance whether the application used has been switched.

German Tax: What regulations apply to conversions on Base

The exchange of one token for another token is considered a private disposal under Section 23 of the Income Tax Law, even if no euro is involved and the two tokens are on the same chain. The one-year holding period is calculated on a per-acquisition basis, and moving from Ethereum to Base via bridging is not considered a sale in mainstream view because the same asset is being moved. All of this requires documentation to support it, and it is your responsibility to keep those records.

由于债务证券在税务处理上与加密货币不同，代币化股票引入了第二层税务考量。如有疑问，此案例应咨询税务顾问，而非依赖表格填写。