A member of the Layer 2 scale solution has refuted rumors that its coinbase sequencer has been selling Ether (ETH).
“Coinbase has accumulated $ 300m+ in ETH, which is more than 2 times all ETH profits from the base over time,” said the member of the Kabir.base.Eth. Eth in X Sunday. “Base and Coinbase have and continue to hold ETH and publicly disseminate our long -term holdings (100k ETH+, $ 300m+)”.
Kabir added that the base uses custody of the chain outside security and audit reasons (that’s why the funds move to Coinbase), stressing that the Ethereum Layer 2 solution wins and spends as much as possible on Eth, using it for the costs of layer 1 and giving support. Coendesk contacted Coinbase for a comment on the matter.
Kabir’s comments occurred after the pseudonym observer Santisa said that Base has transferred all sequencing rates to Coinbase from the debut, and that the sequencer has probably sold these coins.
Supposedly, Coinbase is the only sequenced node at the base that sequences and ends transactions in a specified order and improves transaction performance (speed). Coinbase charges a rate, collected in ETH, for this sequencer role.
The Santisa taking echoed the concerns of the founder of Sonic Labs, Andre Cronje, about the use of centralized sequencers in layer 2 solutions that lead to profit models that are not completely aligned with the widest values of Ethereum.
In essence, while the scale solutions of layer 2 obtain a substantial income of the transaction rates, send a small portion of that to the Ethereum mainnet for purposes of availability and data safety. In other words, most rates collected in ETH are preserved or discharged in the market, reducing tariff income and burning of ETH associated in the net Mainnet. That has an adverse impact on ETH supply.
“The L2 are why Ethereum is an inflationary again. Ethereum scale. They can obtain free Sonic technology. 0 load.
