BASE TOKEN COULD BE WORTH AS MUCH AS $34 BILLION

Summary from the TLDR Crypto newsletter

JPMorgan analysts projected that a Base network token could achieve a market cap of $12 billion to $34 billion based on current network activity and "lofty token economics," with Coinbase likely retaining 40% of the supply. The bank raised its Coinbase rating and lifted its December 2026 price target to $404, citing the Base token exploration as part of a broader shift toward "deeper onchain monetization" alongside changes to USDC rewards and new DEX integration features. JPMorgan's analysis also highlighted that Coinbase could retain approximately $374 million annually by limiting USDC yield payouts to Coinbase One subscribers rather than all users, and noted the Base-integrated DEX aggregator as a strategic hedge against decentralized exchanges now capturing roughly 25% of spot trading volume.