基本费用激增：短暂的繁荣还是持久的繁荣？

Coinbase 第 2 层网络 Base 费用收入的激增引发了一场争论 - 这是短暂的激增还是持久的繁荣？ Memecoin 狂热和套利活动助长了这种费用狂潮，交易者愿意为交易支付高额费用。分析师质疑这种繁荣是否会对 Coinbase 的盈利产生持久影响。

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

基础费用狂潮：短暂激增还是持续增长？

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，随着 Coinbase 第 2 层网络 Base 的活动激增，费用收入也猛增。然而，分析师质疑这一系列交易是否会对 Coinbase 的利润产生有意义的影响。

Memecoin Mania and Arbitrage Fueling Activity

Memecoin 狂热和套利活动助长

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 交易者和套利者的涌入是费用收入飙升的主要推动力。这些群体以其对高额交易费用的容忍度而闻名，这为该网络最近的盈利做出了贡献。

Dencun's Impact: Lower Fees, Persistent Congestion

Dencun 的影响：较低的费用、持续的拥堵

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 升级旨在降低第 2 层网络的 Gas 费用，最初，基本交易费用大幅下降。然而，由于需求旺盛，拥堵问题仍然存在。 Base 的协议负责人 Roberto Bayardo 承认了这个问题，并表示增加容量可能是一个解决方案。

Sustained Activity: A Question Mark

持续活动：一个问号

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 目前的活动水平是否会持续仍不确定。尽管最近价格飙升，但分析师认为这不太可能对 Coinbase 的整体收益产生重大影响。

Earnings Impact: Immaterial in the Short Term

盈利影响：短期内影响不大

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.

自推出以来，Coinbase 来自 Base 的费用收入目前约为 1600 万美元。虽然这一数字令人印象深刻，但与 Coinbase 主平台上零售交易商产生的收入相比，仍然相形见绌。即使 Base 维持目前的活动水平，也不会挑战 Coinbase 核心业务的收入。

Future Outlook: Decentralization and Competition

未来展望：去中心化与竞争

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.

随着 Base 向去中心化过渡，Coinbase 从网络中获得的经济利益可能会减少。此外，其他第 2 层网络的出现可能会加剧竞争，并进一步减少 Base 对 Coinbase 收入的影响。

Analyst Predictions: Conservative Estimates

分析师预测：保守估计

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.

分析师最初根据 Base 的早期表现提高了对 Coinbase 的收入预测，现在可能正在修改他们的估计。该网络的费用收入已经超过了最初的预测，但其长期影响仍不确定。

Coinbase's Stance: Cautious Optimism

Coinbase的立场：谨慎乐观

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 没有猜测 Base 的未来收入或其对公司盈利的重要性。然而，该交易所仍然是 Base 上唯一的节点运营商，收取所有费用减去支付给 Optimism 的费用。