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.

Quotes that support claims

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

An analysis by Sonic Assistant on X suggested that Base operates with a 90% profit margin on its L2 sequencer, generating over $100 million in ETH. On-chain data shows that all sequencer-earned ETH was moved from Base to Ethereum and then to Coinbase’s exchange. However, Coinbase’s financial reports indicate that only 772 ETH, worth around $2 million, has been added to its balance sheet since Base’s launch in August 2023.