$BASE dominates L2 landscape with $6.22B TVL—71.1% market share. Zero token means zero value capture for users. All economics flow to $COIN shareholders.
Compare this to tokenized L2s where protocol revenue gets distributed. $BASE's moat is distribution (Coinbase's 108M users), not token incentives.
For L2 token holders in $ARB/$OP/$MATIC—this is your competition. A centralized player extracting rent without sharing upside.
Coinbase prints money. L2 token holders fight for scraps.
Compare this to tokenized L2s where protocol revenue gets distributed. $BASE's moat is distribution (Coinbase's 108M users), not token incentives.
For L2 token holders in $ARB/$OP/$MATIC—this is your competition. A centralized player extracting rent without sharing upside.
Coinbase prints money. L2 token holders fight for scraps.
