$Coinbase Global, Inc.(COIN)$ Developer activity on Base increased 8x QoQ in Q1, and it processed over 2x more transactions than Ethereum in April, more than any other L2. Paired with Coinbase’s goal of consistently making Base transactions sub-second and sub-cent, this cycle could see the mainstreaming of Base. What could that mean for Coin? Base has the potential to be a massive revenue generator for Coinbase, with extremely high gross margins. Over the next 2 years, that growth could result in additional revenues ranging between $500m and $2b from Base fees. That could put Coinbase in a similar position to Amazon, which started as an online bookstore before expanding to mass retailing. People think of Coinbase as a crypto brokerage only, but the early returns on Base suggest that Coinbase could end up becoming something even greater: a core infrastructure provider to the crypto ecosystem.