Base TVL Crosses $14B – Coinbase Pockets the Sequencer Windfall
Base TVL crossed $14B this week — Coinbase’s sequencer fees are now a real revenue line.
At current usage rates, sequencer is on track for ~$280M annualized to Coinbase. High-margin, infrastructure-tier revenue with limited variability.
Why the TVL grew
Three drivers: Aerodrome ecosystem maturing, Coinbase native onramps moving liquidity directly onto Base, absence of meaningful technical incidents over Q1.
The CFL read: Base is becoming a real revenue lever for COIN. Model it as such.
// FILED :: CRYPTO← BACK_TO_LAB