Coinbase has suffered an 84% decline in revenue for its BASE layer-2 solution seven weeks after earnings peaked. Soon after its launch on August 9, 20
Coinbase launched its layer-2 solution
– which was seen as a competitor of the likes of Optimism and Arbitrum – raked in over a million US Dollars in revenue, but since then, earnings have slumped more than fivefold. Now, the chain is facing more backlash than praise. Users pull out of using managed to make history on that front. During its first week,
weekly revenue Meanwhile, user data paints a markedly different picture, with the number of new users in the last week reaching 242,650, which is nearly double the amount of new users observed in the week before. Taken together with the fall in revenue it indicates that although a higher number of users are on
is not alluring large wallet holders, which is impacting the flow of funds, consequently resulting in low revenue. If the trend continues over time, the chain will lose relevance, and these new users joining the chain will also pull out.
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