基本費用激增：短暫的繁榮還是持久的繁榮？

Coinbase 第 2 層網路 Base 費用收入的激增引發了一場爭論 - 這是短暫的激增還是持久的繁榮？ Memecoin 狂熱和套利活動助長了這種費用狂潮，交易者願意為交易支付高額費用。分析師質疑這種繁榮是否會對 Coinbase 的獲利產生持久影響。

Fee Frenzy on Base: A Transient Surge or a Sustained Boost?

基礎費用狂潮：短暫激增還是持續成長？

Amidst the recent surge in activity on Coinbase's layer 2 network, Base, fee revenue has skyrocketed. However, analysts question whether this flurry of transactions will translate into a meaningful impact on Coinbase's bottom line.

最近，隨著 Coinbase 第 2 層網路 Base 的活動激增，費用收入也激增。然而，分析師質疑這一系列交易是否會對 Coinbase 的利潤產生有意義的影響。

Memecoin Mania and Arbitrage Fueling Activity

Memecoin 狂熱與套利活動助長

The influx of memecoin traders and arbitrageurs on Base has been the primary driver behind the spike in fee revenue. These groups are known for their tolerance for high transaction fees, which has contributed to the network's recent profitability.

Base 上 Memecoin 交易者和套利者的湧入是費用收入飆升的主要動力。這些群體以其對高額交易費用的容忍度而聞名，這為該網絡最近的盈利做出了貢獻。

Dencun's Impact: Lower Fees, Persistent Congestion

Dencun 的影響：較低的費用、持續的擁堵

Ethereum's Dencun upgrade aimed to reduce gas fees on layer 2 networks, and initially, Base transaction fees dropped significantly. However, congestion issues persisted due to high demand. Base's protocol lead, Roberto Bayardo, acknowledged the issue, suggesting that increasing capacity may be a solution.

以太坊的 Dencun 升級旨在降低第 2 層網路的 Gas 費用，最初，基本交易費用大幅下降。然而，由於需求旺盛，擁塞問題仍然存在。 Base 的協議負責人 Roberto Bayardo 承認了這個問題，並表示增加容量可能是解決方案。

Sustained Activity: A Question Mark

持續活動：一個問號

Whether the current level of activity on Base will continue remains uncertain. Despite the recent surge, analysts believe it is unlikely to have a significant impact on Coinbase's overall earnings.

Base 目前的活動量是否會持續仍不確定。儘管最近價格飆升，但分析師認為這不太可能對 Coinbase 的整體收益產生重大影響。

Earnings Impact: Immaterial in the Short Term

獲利影響：短期內影響不大

Coinbase's fee revenue from Base currently stands at around $16 million since its launch. While impressive, this amount is still dwarfed by the revenue generated from retail traders on Coinbase's main platform. Even if Base maintains its current level of activity, it would not challenge the revenue from Coinbase's core business.

自推出以來，Coinbase 來自 Base 的費用收入目前約為 1,600 萬美元。雖然這數字令人印象深刻，但與 Coinbase 主平台上零售交易商產生的收入相比，仍然相形見絀。即使 Base 維持目前的活動水平，也不會挑戰 Coinbase 核心業務的收入。

Future Outlook: Decentralization and Competition

未來展望：去中心化與競爭

As Base transitions towards decentralization, Coinbase's economic benefit from the network may diminish. Additionally, the emergence of other layer 2 networks could increase competition and further reduce Base's impact on Coinbase's earnings.

隨著 Base 向去中心化過渡，Coinbase 從網路中獲得的經濟利益可能會減少。此外，其他第 2 層網路的出現可能會加劇競爭，並進一步減少 Base 對 Coinbase 收入的影響。

Analyst Predictions: Conservative Estimates

分析師預測：保守估計

Analysts who initially raised their revenue predictions for Coinbase based on Base's early performance may now be revising their estimates. The network's fee revenue has surpassed initial projections, but its long-term impact remains uncertain.

分析師最初根據 Base 的早期表現提高了對 Coinbase 的收入預測，現在可能正在修改他們的估計。該網絡的費用收入已經超過了最初的預測，但其長期影響仍不確定。

Coinbase's Stance: Cautious Optimism

Coinbase的立場：謹慎樂觀

Coinbase has refrained from speculating on Base's future revenue or its materiality to the company's earnings. However, the exchange remains the sole node operator on Base, collecting all of the fees minus payments to Optimism.

Coinbase 並沒有猜測 Base 的未來收入或其對公司獲利的重要性。然而，該交易所仍然是 Base 上唯一的節點營運商，收取所有費用減去支付給 Optimism 的費用。