@ignas

$BASE would likely trade $3.9B - $7.3B FDV if valued at $ARB, $OP or $LINEA FDV/TVL multiples. That puts it far below $AVAX (~$14B), Hedera (~$12B), BCH (~$11B), $IP, $ENA, $UNI and others. Even with Base posting the highest L2 chain revenue ($5M last month vs $1.6M for Arbitrum), it’s not enough to command a big premium. If Base was an L1, valuation would be way higher. But they’ve been clear: Ethereum alignment is their priority. Clearly, L2 tokens are cooked. Where Base can stand out is the ecosystem moat: • Coinbase funnel → Base DEXs integrated in CEX app, staking + compliance premium • Wrappers → cbBTC today, potential wrapped XRP, LTC, etc. • Base Wallet + creator economy • Push into payments (could justify a premium if real volume comes) • Apps like Farcaster, Zora building natively But Linea is a lesson: Even with Metamask's (still) big adoption, Consensys support + mUSD stablecoin, it barely trades above $2B FDV. So Base’s mission isn’t just launching a token. It’s breaking the L2 token current valuation models and finding a fresh narrative that would lift all L2 tokens: $ARB, $OP (where it still shares fees as part of OP Stack), or $LINEA. Will be interesting to see if Base can spin a bullish story the market buys.

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