Base TVL Crosses $14B – Coinbase Pockets the Sequencer Windfall

Base TVL crossed $14B this week — and Coinbase’s sequencer fees are now a real revenue line.

At current usage rates, sequencer is on track for ~$280M annualized to Coinbase. High-margin, infrastructure-tier revenue with limited variability. For a public company, predictable infrastructure cash flow is rated meaningfully more highly than transaction-based revenue.

Why the TVL grew

Three drivers: (1) Aerodrome ecosystem maturing, (2) Coinbase native onramps moving liquidity directly onto Base, (3) absence of meaningful technical incidents over Q1.

The TFZ read: Base is becoming a real revenue lever for COIN. Model it as such.