Base: new pools now hold most of the liquidity behind Coinbase’s stock tokens

Event note, 28 October 2026. Between 18 and 26 October, the old pools behind Coinbase’s 11 US-company stock tokens on Base lost 92% of their dollars. New pools, opened when the main exchange on Base moved to new contracts and ended rewards on its old pools on 22 October, now hold about half as much as the old pools held on 18 October. Measured from public blockchains.

What the pools held

The 11 tokens, with USDC; tokens at 26 October prices.

	18 Oct	26 Oct, old pools	26 Oct, new pools	26 Oct, together	Change
Dollars in the pools	$6.78M	$0.55M	$3.23M	$3.78M	−44%
Tokens in the pools	$10.32M	$1.59M	$5.30M	$6.89M	−33%

$2.1MWhat the 11 together could sell before their price fell 2%, on 26 October at 23:03 UTC: $0.14M in the old pools, $2.0M in the new. About $4.5M in the week of 12 October.

0.05–0.20%A $10,000 round trip in each of the 11, at its cheapest pool: now always a new one.

+$2.5MThe 11 tokens held by Aave’s Equities Hub on Base over the same days: $9.05M to $11.52M at pool prices. We cannot tell whose money it was.

Stock by stock, 26 October, 23:03 UTC

Stock	A sale within 2%, old pools	A sale within 2%, new pools	$10,000 round trip, old pools	$10,000 round trip, new pools
AAPL Apple	$25k	$200k	1.41%	0.06%
AMZN Amazon	$6k	$333k	33.24%	0.08%
GOOGL Alphabet	$15k	$248k	2.83%	0.05%
META Meta	$1k	$135k	47.29%	0.10%
MSFT Microsoft	$5k	$146k	4.68%	0.07%
MSTR Strategy	$4k	$140k	8.03%	0.06%
MU Micron	$7k	$145k	3.00%	0.13%
NVDA Nvidia	$68k	$215k	0.36%	0.08%
PLTR Palantir	$0.9k	$121k	81.31%	0.06%
SNDK SanDisk	$2k	$155k	29.74%	0.20%
TSLA Tesla	$3k	$149k	59.23%	0.08%

For a $10,000 trade little changed: the new pools are where the price is. For a large sale, about half of the room within 2% that these tokens had in mid-October is gone.

How we found it

Our recorders read only the old pools. When their dollars fell by more than 90%, we read the exchange’s new contracts on the chain and found the new pools. We record both from 26 October, 23:00 UTC; our Base numbers for 18 to 26 October were too high (see Corrections).

Measured on the chain: every pool of these tokens with USDC on the exchanges where they trade, old and new, dollars and tokens at each pool’s own price.

What this does not cover

Redemption with the issuer, trading off the chain, and market makers’ quotes outside pools.

Live numbers, every 15 minutes: Monitor.