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.