Chain controversies are numerous, and recently there has been FUD targeting the Base chain, which even prompted V God to come out and help defend Base.
Currently, it seems that there are no KOLs in the Chinese CT community discussing this matter, so this tweet will briefly summarize the "Base FUD incident."
The focus of the FUD is: due to Base operating a centralized sequencer, it is essentially an unlicensed centralized securities exchange.
The CLO of Coinbase and the overall head of Base have provided strong rebuttals:
The core function of the sequencer is transaction ordering, not transaction matching, which is achieved through smart contracts in a decentralized manner. Therefore, Base, which operates a centralized sequencer, is not a centralized exchange in the traditional sense.
"Base is not a casino, but that does not mean Base is decentralized." I would like to share my thoughts on this.
Regarding Base not being a casino, both executives have provided good explanations. Here, I want to emphasize that "this does not mean Base is decentralized."
The core function of the sequencer is transaction ordering. In simple terms, user transactions on L2 enter the mem pool (at this point, transactions in the mem pool are unordered). The sequencer orders the transactions, compresses them into a set of ordered batches, and then sends them to Ethereum's DA layer.
Base operates a centralized sequencer, which, in a sense, grants the sequencer significant autonomy over transaction ordering. It can arbitrarily order transactions to maximize its own arbitrage opportunities, capture MEV value, delay user transactions, or even completely censor users.
According to data from growthepie, the Base chain has earned a staggering $5.11 million in revenue in the past month, and over the past year, this figure has reached $87 million, far surpassing the second-ranked Arbitrum in terms of printing power.
The officially operated sequencer of Base is like an invisible hand, quietly seizing enormous wealth.
Decentralized sequencers are not a new concept; one could even say it is a relatively mature field. However, its decentralization inevitably means profit-sharing due to the delegation of power. Is the Base chain willing to sacrifice the interests of super individuals for the great decentralization process of L2?
Currently, it seems unrealistic.
Not being a casino does not mean Base is sufficiently decentralized; the path to decentralizing the sequencer remains long and arduous.
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