#arc Community Insights & Market Sentiment

If this really is a “bull run comeback,” can those public chains that haven’t issued tokens take the opportunity to catch up on their timeline?

For those that have held off on token issuance until now, simply looking at their funding background and TVL doesn’t tell you much anymore. The key is one thing: how strong is the project team’s internal rationale for having to create a new, tradable chain token. I think there are three typical categories you can look at.

First category: the token already exists economically—only public circulation is missing.

Arc is the most典型 example. $ARC According to publicly reported information, it has already been pre-sold to institutions. Even though Gas uses USDC, governance, network participation, and institutional exit may still require the token. What it’s solving isn’t “whether to issue,” but “when and how to issue.” As for whether retail investors get a share—that’s another question.

Second category: the token needs to be issued to fulfill community claims.

Abstract belongs to this category. It previously set a TGE timeline, and the community has also accumulated XP, tasks, and expectations. For consumer-focused chains, the token is both a cold-start tool and a way to give early participants an explanation. The problem is that the timeline has already been delayed—when the bull market returns, it actually becomes even more important to give the community a clear answer.

Base also has similar needs, but the urgency is much lower.

It needs tokens to incentivize builders, ecosystem governance, and further decentralization, but it doesn’t rely on a token to keep the network running. Base has already been up and running even without issuing a token. Coinbase also has to deal with public-company obligations and regulatory constraints, so “strategic needs” doesn’t necessarily mean “must issue immediately.”

Third category: the product itself can operate long-term without issuing tokens.

Tempo is representative. It follows a payments and financial infrastructure route—stablecoins can be used directly to pay Gas. Network operation doesn’t depend on a volatile token. A bull market can raise valuations, but it doesn’t necessarily create demand for token issuance.

If the bull market truly comes back, the first projects to accelerate may not be the strongest chains, but the ones whose token-issuance delay will affect fundraising, community trust, or the commercial closed loop. Not issuing tokens by itself is no longer Alpha—the closed loop that gets stuck is what matters.
#Base #ARC #Abstract

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