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Bitcoin Research
@kyletorpey
yes, Base and USDC are built on Ethereum. but does this mean the ticker is $ETH or the ticker is $COIN over the long term?
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Chris Carlson pfp
Chris Carlson
@chrislarsc.eth
Base plans to achieve Stage 1 decentralization this year: https://base.mirror.xyz/gFOLgyrs8jtX4Eqt4Kh6ikWhB3tqrhQoKfddeqZIECs
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Bitcoin Research
@kyletorpey
Seems irrelevant to the point. Coinbase still collects all the sequencer fees once this is activated, no?
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Chris Carlson pfp
Chris Carlson
@chrislarsc.eth
For the foreseeable future, yes. But Coinbase would benefit more from a fully decentralized rollup (collecting a smaller slice of an even bigger pie), IMO. The Superchain and Stage 2 decentralization aren't concretely on the roadmap, but I think these things will come reality if we demand it as consumers https://docs.optimism.io/superchain/superchain-explainer
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Bitcoin Research
@kyletorpey
if they're also pushing for people to use USDC, what are the benefits of a more decentralized base layer that would be relevant here? what if the centralization of USDC and Base is very user friendly and people aren't demanding use cases that don't reintroduce centralization anyway (as is the case today)? if anything, it seems crypto has gained more adoption as it has become more centralized, not the other way around.
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Chris Carlson pfp
Chris Carlson
@chrislarsc.eth
Ethereum would be fucked without rollups; that's the technical solution that was decided in order to scale. You have to go through Stage 0 and Stage 1 before you get to Stage 2. I find Coinbase's approach to juggling a decentralization plan while meeting current demand extremely commendable. If they only focused on decentralizing, users would experience high fees and potential network issues which would turn people away. They don't have to publicly say that one of their priorities is decentralizing, but they do. I think this is the right approach. Do you think they should be doing things differently?
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Bitcoin Research
@kyletorpey
i think what they're doing right now is great as a business model. we seem to disagree about where things go from here though. seems like they are proving tradfi can get rid of kyc/aml and other regulatory obligations, among other benefits, by putting their users on a blockchain they control. consumers want an app that works and provides useful services, coinbase wants to make money. unclear where ethereum falls in terms of those two demands, especially in the current regulatory environment.
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Chris Carlson pfp
Chris Carlson
@chrislarsc.eth
do you think then that the decentralization plan just fizzles out and they don't actually allow others to run sequencers ever?
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Bitcoin Research
@kyletorpey
hasn't the trend over the past decade been that crypto's decentralization plan as a whole is fizzling out? solana gains traction by being more centralized. apps are being built around centralized stablecoins. now the current regulatory environment throws out more of the need for decentralization. i'm not sure why they would allow others to earn fees if the consumer is already getting what it wants with coinbase being the only sequencer. what would be the benefit?
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Chris Carlson pfp
Chris Carlson
@chrislarsc.eth
Benefit would be guaranteed long term viability regardless of geo-political shifts. Favorable administration today, but no guarantees for the future. Plan for the worst = achieve Stage 2
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Bitcoin Research
@kyletorpey
plan for the worst = have stage 2 ready if needed. may as well collect all the fees when legally allowed to. unfavorable administration could also mean collect no fees though.
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Chris Carlson pfp
Chris Carlson
@chrislarsc.eth
Regardless of what happens geopolitically, I think Stage 2 is good for the company. It invites more people/companies/nations to build on top of the network and grow the pie even larger
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Bitcoin Research
@kyletorpey
Can’t anyone already build on top of the network?
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Chris Carlson
@chrislarsc.eth
Yes, but many are likely reluctant to do so if they think Coinbase can just “turn it off” at any point
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