PANews reported on February 10 that according to CoinDesk, a member of the Layer2 expansion solution Base refuted rumors that its sorter Coinbase has been selling Ethereum. Base member Kabir.base.eth said on the X platform on Sunday: "Coinbase has accumulated more than $300 million in Ethereum, which is more than twice the revenue of all Ethereum from Base since its inception. Base and Coinbase have been holding Ethereum and publicly disclosed our long-term holdings (more than 100,000 ETH, worth more than $300 million)."
Kabir added that Base uses off-chain custody for security and auditing reasons (which is why the funds are transferred to Coinbase), and stressed that as an Ethereum Layer 2 solution, Base earns and spends as much as possible in Ethereum to cover Layer 1 costs and provide support.
Kabir's comments come after anonymous observer Santisa said that since Base launched, Base has been transferring all sorter fees to Coinbase, which has likely sold the tokens. Coinbase is allegedly the only sorter node on Base, which sorts and finalizes transactions in a specified order, thereby increasing transaction throughput (speed). Coinbase charges fees settled in Ethereum for this sorter role.
