@base quarterly GDP relative to transaction fees
The Base economy grew by ~2.5x between Q1 and Q4 of ‘24. At no point did the transaction or gas fee spend outpace the fees paid to the chain’s applications. The GDP to transaction fees ratio reached ~7x in Q4, marking an all-time high. One interpretation of the ratio is that the users on Base directed ~7x more capital to consumption of onchain services vs. “taxes”. For comparison, the same ratio was ~2.5x on Ethereum during the same time period.

Note that the only time Base’s GDP went up and transaction fees went down QoQ was between Q1 - Q2 ‘24, which coincided with Ethereum’s Dencun upgrade.