RT Ignas | DeFi (@DefiIgnas)$BASE would likely trade $3.9B - $7.3B FDV if valued at $ARB, $OP or $LINEA FDV/TVL multiples.That puts it far below $AVAX (~$14B), Hedera (~$12B), BCH (~$11B), $IP, $ENA, $UNI and others.Even with Base posting the highest L2 chain revenue ($5M last month vs $1.6M for Arbitrum), it’s not enough to command a big premium.If Base was an L1, valuation would be way higher. But they’ve been clear: Ethereum alignment is their priority.Clearly, L2 tokens are cooked.Where Base can stand o ...

optimism collected $295m from coinbase to build base. they now control the tech stack for 40% of all l2 value through op stack infrastructure. $8.4b tvl runs on their rails but op trades at $1.8b like it's just another rollup competing for users. they own the picks and shovels. ...