Coinbase Accused of Selling Base Sorter ETH Fees, Enjoying Ecological Dividends Without Holding Native Assets, Is Short-term Arbitrage
Community analysis indicates that Coinbase has sold nearly all ETH fees generated by the Base sorter, maintaining its ETH holdings in the long-term portfolio at around 150,000 coins without significant increase.
This operational model has persisted over the past few quarters, with Coinbase monetizing ETH income from Base immediately after its contribution; critics argue that it enjoys Ethereum ecological dividends without deep capital alignment and call for a higher fee ratio for L2.
Amid event-driven disputes over L2 and L1 value capture, Ethereum native solutions supporting higher fee sharing benefit, while platforms relying on low-fee L2 face pressure.
Source: Public Information
ABAB AI Insight
Coinbase's choice to monetize ETH income from the Base sorter rather than increase holdings reflects its positioning of L2 as a revenue tool rather than a deeply bound asset within the Ethereum ecosystem.
In terms of resource allocation, the company prioritizes expanding exposure to stablecoins and BTC, motivated by a desire to reduce single-asset volatility risk and optimize its balance sheet, while continuing to leverage Ethereum's security and user base.
Similar paths can be seen in other centralized entities operating L2 that prioritize short-term gains, currently in a phase of intensified competition over L1 and L2 fee sharing.
Essentially, this represents a transfer of pricing power: L1 attempts to recapture value by increasing fee ratios, as the mechanism of ecological security provided by L1 while profits are retained by L2 inevitably triggers redistribution pressure.
ABAB News · Cognitive Law
Enjoying ecological dividends without holding native assets is short-term arbitrage.
L2 freeloading on L1 security will eventually lead to fee redistribution.
Capital alignment reveals true positions more than narratives.