@duantianya
Base dominates Layer 2 TVL rankings, emerging as the clear leader by late 2025 with multi-billion TVL, surpassing Arbitrum through rapid growth in users and activity.
CEX advantages: Coinbase's backing provides seamless fiat on-ramps, integrated wallets, massive user inflows, low fees, and strong marketing (e.g., Onchain Summer), driving liquidity and adoption.
Decentralization risks: The Coinbase-operated centralized sequencer creates single points of failure (evidenced by 2025 outages), enabling potential transaction censorship, MEV extraction, and regulatory vulnerabilities, undermining full permissionless ethos.
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