What is Base?

Less than one month after launch, Robinhood Chain became the largest network by tokenized stockholders, surpassing Solana, BNB, Ethereum, and Base.

“Less than a month after launch, Robinhood chain has become the largest network by tokenized stockholders, surpassing Solana, BNB, Ethereum, and base.”

Robin Hood chain, built on Arbitrum, surpassed Base in user operations per second and is driving ETH price sentiment, making it a key L2 to monitor in 2026.

“Robin Hood chain usage flipped base on July 10th, so six days ago from the time of recording, user operations per second, that's like a metric, refined metric for measuring usage basically, from layer 2B, 117 user operations per second on Robin Hood chain, where just 93 on base.”

Robin Hood chain recorded 117 user operations per second vs. Base's 93 on July 10, 2026, surpassing Base on that refined usage metric.

“Robin Hood chain usage flipped base on July 10th, so six days ago from the time of recording, user operations per second, that's like a metric, refined metric for measuring usage basically, from layer 2B, 117 user operations per second on Robin Hood chain, where just 93 on base.”

Coinbase users hold large unrealized Bitcoin and ETH gains, making Base a uniquely strong market for borrow-lend protocols like Morpho. Robinhood users lack the same long-dated cost basis, so the two chains will attract structurally different DeFi activity.

“One thing that Coinbase has that Robin Hood doesn't is a lot of users who sit on unrealized cap gains on Bitcoin and ETH. And what this actually does, the dynamic here is it makes it makes the coin ba it makes Coinbase and actually base a really great market for borrow lend protocols like Morpho where users who don't want to sell can borrow against their assets.”

Morpho, a borrow-lend protocol on Base, is positioned to benefit from Coinbase users seeking to borrow against long-held Bitcoin and ETH rather than trigger taxable sales.

“Bass and Robin Hood chain look similar but it's possible that the early activity on each is very different. One thing that Coinbase has that Robin Hood doesn't is a lot of users who sit on unrealized cap gains on Bitcoin and ETH. And what this actually does, the dynamic here is it makes it makes the coin ba it makes Coinbase and actually base a really great market for borrow lend protocols like Morpho where users who don't want to sell can borrow against their assets. Robin Hood probably doesn't have the same thing as much as Coinbase does, right? Coinbase has people who are like buying Bitcoin in 2013 and 14 and 15. Robin Hood has more.”

A proposal argues Ethereum should treat critical bugs in its largest L2s (Arbitrum, Base, Robin Hood chain) as L1 vulnerabilities triggering an L1 fork, in exchange for those L2s paying 10 to 20% rent to ETH holders.

“He says Ethereum should adopt its largest roll-ups in the sense that a critical bug in arbitum base or Robin Hood chain should be treated as an Ethereum vulnerability and trigger an L1 fork just like an L1 bug would.”

Coinbase's Base chain is undergoing a strategic reset after its early social-app focus caused it to fall behind competitors, worth watching for signs of a repositioning.

“We realized how our focus on social meant that base fell behind in these key areas.”

The real competition for Bitcoin L2s is Base and Arbitrum, not other Bitcoin L2s.

“I think our real competition honestly is bass and arc and tempo.”