The construction of its own Ethereum Layer 2 expansion by Robinhood reminds me of the various blockchains built by major exchanges over the years.

Among them, the more well-known ones include Binance's BSC, Coinbase's BASE, Uniswap's Unichain, OK's X1, Kraken's Ink, and HashKey's HashKey Chain…

These chains are all EVM chains, with the exception of BSC, which is an independent Layer 1 blockchain separate from Ethereum; the others are all based on Ethereum's Layer 2 expansions.

If we also consider other Layer 2 expansions without any exchange background, there are even more, with notable ones being Optimism and Arbitrum.

Despite the large number of chains, the vast majority of them have not formed an impressive ecosystem so far.

Among all these Layer 2 expansion chains, according to data from l2beat (https://l2beat.com/scaling/activity), in terms of secured funds (Value Secured), Arbitrum ranks first, followed by BASE; however, in terms of activity, BASE is the most popular, with Arbitrum in second place.

In both of these metrics, these two are significantly ahead of other Layer 2 expansions; in terms of activity, BASE is almost far ahead of all other Layer 2 expansions.

What applications have led to BASE having higher activity than Arbitrum despite being behind in secured funds?

I couldn't find relevant data online, but based on my observation, the AI + Crypto ecosystem in BASE likely accounts for a significant proportion.

I often think about this situation: why has the AI + Crypto ecosystem, which is the most promising and hopeful innovation in this round of market, emerged on BASE, a chain that neither launched tokens nor was early?

What is special about BASE? Or what shortcomings do other chains have?

When Optimism and Arbitrum were fiercely competing in the beginning, I was not very optimistic about Optimism and favored Arbitrum more.

The reason is that I believe Optimism shows too many signs of artificial manipulation. This team prefers to take a top-down approach, placing great importance on collaboration with well-known projects. In the past, they even offered some extra favorable conditions to bring Uniswap into their ecosystem. This development approach is unlikely to attract "wild," native projects, and often disruptive applications grow out of these "wild," native projects.

So, I can easily understand why AI + Crypto did not appear on OP.

Arbitrum, on the other hand, maintains an open and cooperative attitude towards all projects and does not particularly favor well-known projects, which is why I am more optimistic about it. However, over the years, it seems that only the DeFi ecosystem has thrived on Arbitrum, with no other newer applications and models.

Some say that the prosperity and activity of the BASE ecosystem are mainly due to Coinbase directing its ecosystem to BASE and having compliance advantages.

I am skeptical of this claim.

If we talk about directing traffic, Binance's BSC is likely much stronger than Coinbase. Binance not only directs traffic but also uses its strong financial and channel advantages to support various projects it favors, and Binance has indeed supported some AI projects.

Yet, to this day, it seems that a large-scale AI + Crypto ecosystem has not formed on it.

Take Creator.bid as an example. It was originally born on BSC, but later the development and growth of the ecosystem moved to BASE.

In my view, compliance does not seem to be an advantage either. Many applications may carry disruptive elements when they first appear, and these disruptive elements are more likely to be non-compliant. Therefore, for a potentially non-compliant project, I believe the best development ecosystem in the world is Ethereum's mainnet, or slightly less so, Binance's BSC, rather than BASE.

Another interesting point is that Virtual, the largest AI + Crypto platform on BASE, seems to always be avoided by Coinbase. A clear point is that Virtual has yet to launch on Coinbase's trading platform. Many users are quite puzzled by Coinbase's actions, even directly confronting the co-founder on Twitter.

So, it seems that other chains are more likely to develop the AI + Crypto ecosystem than BASE.

If we compare BASE and Arbitrum, I feel that BASE is more laid-back and has a more geeky atmosphere.

If we compare BASE and BSC, I feel that BASE has less of a commercial flavor and is not as strong in that regard.

Perhaps this hands-off approach has instead provided the most comfortable and pleasant external environment for ecosystem development.

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