Sonic Labs team members publicly questioned the flow of Base sorter revenue, implying that the Base team dumped ETH
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Odaily reports that according to a post by The Assistant, a BD/strategy personnel at Sonic Labs, on platform X, the profit margin of the sequencer of the L2 network Base is around 90% (over $10 million), and all the ETH has flowed into exchanges in the order of Base > Ethereum > Coinbase. Base was launched on August 9, 2023. According to Coinbase's Q2 2023 report, as of June 30, 2023, Coinbase's balance sheet had 2.3 million USD worth of ETH at $1,934/ETH, equivalent to 118,924 ETH. The information shared by the Base team mentioned that Coinbase's Q4 2024 financial statements only recorded "119,696 ETH". This means that since the launch of the Base mainnet, Coinbase has only increased its balance sheet by 772 ETH, which is worth around $2 million at the current price. It is worth noting that the "cost" of Base's sequencing fees is 0, as they are not purchased but earned. Meanwhile, a few hours ago, the Base team sent nearly 240.35 ETH (worth $618,960.05) to the Coinbase exchange. The question is: where did the remaining over $1 billion go? This tweet was reposted and supported by Sonic Labs founder Andre Cronje.
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