base won the L2 wars and it's not even close anymore

read this properly: $178M all-time revenue. 24% of total L2 revenue.

here's what i noticed. base isn't trying to be decentralized or community-owned or any of that stuff other L2s pretend to care about. it's just @coinbase chain.

centralized af. and it's winning BECAUSE of that

@arbitrum at $134M.@Optimism at $115M. the gap is WIDENING

the results are exactly what you'd expect when you have 100M+ users in one ecosystem

10M daily transactions now.
5B all-time since launch.

@baseapp launching. rumors of token or prediction markets or tokenized stocks.

doesn't even matter what it is, if it's integrated with coinbase's user base it'll do volume. distribution is the only moat that matters

$ARB and $OP had head starts. better tech arguably. more decentralized. doesn't matter. distribution beats tech every single time

this is the @BNBCHAIN playbook except executed way better. BNB Chain won through binance distribution. base feels too legitimate because coinbase is regulated

how i read this:
- if base launches token with coinbase distribution backing it's instantly top 20 by market cap. maybe top 10. retail will ape because coinbase makes it one-click easy
- base token rumors probably real. coinbase wants to capture more value from the ecosystem they built. token makes sense. incentivizes usage. creates new revenue stream. gives users ownership feel while coinbase maintains control
- the L2 narrative was supposed to be about scaling ethereum. instead it became about who has best distribution channel. base won that competition before it even started
- rollup tech is commoditized now. op stack is open source. anyone can spin up an L2. differentiation isn't technical anymore it's distribution and base has infinite distribution relative to competitors

market will eventually reprice this correctly.

https://x.com/arndxt_xo/status/2011062523936862257