According to Messari, Coinbase is expected to report $ 1.5 Billion (!) net revenue for Q1.

That is over HALF of 2023's net revenues. In just one quarter.

What does this tell us about the entire industry? 🧵

Coinbase generated over $20 Million in revenues from @base in March (via 
tokenterminal.com).

That reflects the overall growth in the Layer2s sector. L2s now count $ 40+ Billion TVL and 5.3+ Million weekly active users.

2/

In crypto since 2014 👾 DAO Governance at Karpatkey.

Built Web3 startups that grew to reach acquired or Billion-Dollar status.
📩 alicecorsini.substack.com

Stablecoins remain one of crypto's killer apps.

The USDT, USDC and DAI triplet now has a cumulative market cap of ~ $145 Billion.

USDC surpassed fiat settlement rails in terms of usage for tangible economic value transfers. USDT generated an estimated net income (!) of $ 6.2 Billion in 2023.

3/

The crypto wallets market size was valued at $ 1.47 Billion in 2021 and is expected to grow to $ 7 Billion by 2027.

Software-based wallets are expected to lead the way.

4/

If you liked this thread, you might like this Coinbase deep-dive 👇

If you liked this thread, you might like this Coinbase deep-dive 👇

https://open.substack.com/pub/alicecorsini/p/making-sense-of-the-coinbase-strategy?r=1m9fg&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true