Base L2 Q1 revenue — $58M sequencer fees, the gap to Arbitrum widens

Base printed $58M in Q1 sequencer revenue, ahead of Arbitrum at $39M. The Coinbase distribution flywheel is doing what was promised.

Base posted $58M in Q1 2026 sequencer revenue, ahead of Arbitrum at $39M and Optimism at $24M. Base is now the largest L2 by sequencer revenue, the most active by daily transaction count, and the cheapest by average fee per transaction.

The Coinbase distribution flywheel is doing what was promised. The integration into the Coinbase wallet experience moves users onto Base by default for routine activity. The Q2 number to watch is the new fee curve impact — if it prints north of $80M, the L2 valuation gap to Optimism gets unanswerable.