@zhongxinhai
The explosion of DApps on Base chain, Coinbase's OP Stack L2, intensifies Ethereum Layer 2 competition by capturing over 50% of L2 revenue in 2025, outpacing Arbitrum and others through low fees and seamless onboarding. This shifts developer activity and TVL from rivals like Optimism and zkSync, pressuring their growth amid Ethereum's 16K+ new builders.
Price Sensitivity Analysis: Base's ETH-denominated gas fees amplify ETH demand sensitivity— a 20% DApp surge could boost ETH price 5-10% via higher throughput, per VanEck models. However, it dilutes L2 token values (e.g., ARB, OP) by 15-25% through market share erosion, as Base avoids native tokens, funneling liquidity back to ETH. Overall, bullish for ETH, bearish for fragmented L2s.
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