About this Chart

Network REV (Real Economic Value) is the measure of user demand to transact on a blockchain. It consists of all transaction fees and out-of-protocol tips paid for transaction execution. In the case of Base, there are no out-of-protocol tips, so all REV is generated by in-protocol transaction fees.

Ethereum: The L2 (Base) pays transaction fees on the L1 (Ethereum) to post transaction data, purchase blobs, and post stateroots. These costs are passed back to the user transaction on the L2.

OP Collective: As part of its membership in the Optimism Superchain, Base has a revenue share agreement with the Optimism Collective. Base distributes the greater of 2.5% of total sequencer revenue (Network REV) or 15% of its net onchain sequencer revenue (Network REV less L1 Operator Payments).

Coinbase: All net income after considering the distributions to Ethereum and the OP Collective accrues to Coinbase.