Juan Leon (singularity7x)
Passionate about technology that can improve humanity
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Developer activity on Base increased 8x QoQ in Q1, and it processed over 2x more transactions than Ethereum in April, more than any other L2. Paired with Coinbase’s goal of consistently making Base transactions sub-second and sub-cent, this cycle could see the mainstreaming of Base.
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What could that mean for $COIN? Base has the potential to be a massive revenue generator for Coinbase, with extremely high gross margins. Over the next 2 years, that growth could result in additional revenues ranging between $500M and $2B from Base fees.
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That could put Coinbase in a similar position to Amazon, which started as an online bookstore before expanding to mass retailing. But today more than half of Amazon’s profits come from AWS, its cloud computing service.
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Who’s the sleeping giant inside $COIN that grew 14x but was overlooked during the Q1 release? @base.base.eth Coinbase derived $15.5M in sequencer fees from Base in Q1, up from $1.1M in Q4. While that’s a meager 1% of total rev, Base is growing at an exponential rate and could be the key to Coinbase’s future growth.
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