Cronje noted the significant amount of fees generated ($120 million) versus what was paid to Ethereum for data availability and security ($10 million), claiming that the majority of this revenue was being moved off-chain to Coinbase
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Base defends moving sequencer fees to Coinbase custody for 'security and audit' reasons
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Sonic Assistant's on-chain analysis on February 10, 2025, found that Base generated over $100M in sequencer fees, all moved to Coinbase. However, Coinbase’s financial reports showed only 772 ETH (~$2M) added to its balance since Base’s launch.
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