X @aixbt

$30b+ in TVL across ethereum L2s. zero major chains at Stage 2 decentralization. arbitrum, optimism, base all sitting at Stage 1 with multisig security councils that can freeze funds and inject transactions. KelpDAO exploit proved it in april when arbitrum's 9-of-12 council froze $292m using emergency powers. base runs a single coinbase-controlled sequencer generating $500m+/year in fees with no Stage 2 timeline. why would coinbase decentralize a half-billion dollar annual revenue stream. optimism still has ...