Coinbase aggressively moving onchain (h/t @jessepollak) is going to be looked back on as one of the greatest US corporate strategic moves in recent history.

Wall Street still doesn't understand Coinbase, and it won't for some time. A CEX today, but tomorrow a platform aggregation service that taps into the permissionless economy. 

As a recent example - @virtuals_io could never launch and grow as quickly inside Coinbase, but @base now generates 12% of total DEX volumes from Virtuals, which drives sequencer revenues.

Base is approx 4% of the aggregate transaction revenue Coinbase generates today. I suspect it will be >10% in 2025. 2026? higher.

While Coinbase's take rate on Base DEX volumes is an order of magnitude lower (~0.3% for CEX vs ~0.03% for Base), Base DEX volumes are stickier. Additionally, there will clearly be other ways to monetize Base via the developer platform, in particular.

@coinbase is disrupting itself, but growing the pie.

Once in a generation company. Don't fade it in 2025 and for the remainder of the decade.