The classic L2 vs Ethereum alignment drama is back, and this time Base is right in the middle of it.
Layer 2s were sold as a way to scale Ethereum while still supporting it. Users pay fees in ETH. Those fees are supposed to strengthen the main network, create demand for ETH, and keep the whole ecosystem aligned.
Base is doing the opposite right now.
It generates massive fees in ETH from all the activity on its chain. But instead of holding that ETH or putting it back into the Ethereum ecosystem, those fees are being sold and the money is going into Bitcoin. Meanwhile Base’s parent company keeps its ETH holdings basically flat while stacking more BTC.
Base uses Ethereum for security and settlement, takes the value created by ETH users, and converts it into something that doesn’t help Ethereum at all.
If a major L2 won’t support $ETH, then the community shouldn’t support that L2 either.