随着 Base 网络的起飞，Coinbase 有望实现亚马逊般的增长

加密货币资产管理公司 Bitwise 看到了 Coinbase 和亚马逊之间的相似之处，表明 Coinbase 的第 2 层网络 Base 可能会改变游戏规则。 Base 是一种低成本的以太坊第 2 层解决方案，已经见证了显着的增长，导致人们猜测它可能成为 Coinbase 的主要收入来源。分析师认为，Base 有潜力成为加密货币生态系统中的核心基础设施提供商，类似于亚马逊通过亚马逊网络服务成功实现从图书销售到云计算的多元化。

Coinbase Poised for Explosive Growth, Analysis Suggests

分析表明，Coinbase 有望爆发式增长

New York, New York - May 8, 2024 - Cryptocurrency asset manager Bitwise has released an in-depth analysis of Nasdaq-listed cryptocurrency exchange Coinbase, suggesting that it may be on the cusp of exponential growth akin to Amazon's meteoric rise to a near $2 trillion valuation.

纽约州纽约 - 2024 年 5 月 8 日 - 加密货币资产管理公司 Bitwise 发布了对纳斯达克上市加密货币交易所 Coinbase 的深入分析，表明该交易所可能正处于指数​​级增长的风口浪尖，类似于亚马逊迅速上涨至近 2 美元万亿估值。

According to Bitwise's report, there is a "game-changer hidden in Coinbase's recent earnings report": its Ethereum layer-2 network, Base. Base allows users to seamlessly transfer funds across decentralized applications compatible with the Ethereum Virtual Machine (EVM) at virtually zero cost.

根据 Bitwise 的报告，“Coinbase 最近的收益报告中隐藏着一个游戏规则改变者”：其以太坊第 2 层网络 Base。 Base 允许用户以几乎零成本在与以太坊虚拟机（EVM）兼容的去中心化应用程序之间无缝转移资金。

Coinbase reported impressive financial results in the first quarter of the year, with net revenue surging 72% quarter-over-quarter and 116% year-over-year to $1.6 billion, exceeding analyst estimates of $1.36 billion. Trading revenue soared 93% quarter-over-quarter, with institutional trading revenue and stablecoin revenue also experiencing significant growth of 105% and 15%, respectively.

Coinbase 报告称，今年第一季度的财务业绩令人印象深刻，净收入环比增长 72%，同比增长 116%，达到 16 亿美元，超过分析师预期的 13.6 亿美元。交易收入环比飙升93%，机构交易收入和稳定币收入也分别大幅增长105%和15%。

Blockchain rewards revenue saw a 59% increase, contributing to the firm's total profits of $1.2 billion. Coinbase's cash on hand also grew to a substantial $7.1 billion.

区块链奖励收入增长了 59%，为公司总利润贡献了 12 亿美元。 Coinbase 的手头现金也增长至 71 亿美元。

While these figures are undoubtedly impressive, Bitwise's analysts believe that Base, a relatively "little-noticed crypto-native business line," holds the potential to transform Coinbase into a powerhouse within the cryptocurrency ecosystem. In the first quarter, Base accounted for 1% of the firm's revenues.

虽然这些数字无疑令人印象深刻，但 Bitwise 的分析师认为，Base 这个相对“鲜为人知的加密原生业务线”拥有将 Coinbase 转变为加密货币生态系统中的强大力量的潜力。第一季度，Base 占公司收入的 1%。

The analysts emphasize that when a product or service is "much cheaper, faster, and easier to use, people are going to use more of it." They highlight that Base has emerged as the "fastest-growing Layer 2," with transactions surging 74% quarter-over-quarter in Q1.

分析师强调，当一种产品或服务“更便宜、更快、更容易使用时，人们就会更多地使用它”。他们强调，Base 已成为“增长最快的 Layer 2”，第一季度交易量环比飙升 74%。

In April alone, Base processed 40% more transactions than in the entire first quarter. Coinbase CEO Brian Armstrong has also noted a surge in the number of developers leveraging the platform.

仅 4 月份，Base 处理的交易量就比整个第一季度多了 40%。 Coinbase 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 还指出，利用该平台的开发人员数量激增。

As a result, Bitwise predicts that Base could become a "massive revenue generator for Coinbase, with extremely high gross margins." Coinbase serves as the "sequencer" on the Layer-2 network, responsible for verifying and batching transactions before posting them to the Ethereum mainnet.

因此，Bitwise 预测 Base 可能成为“Coinbase 的巨大收入来源，毛利率极高”。 Coinbase 充当 Layer-2 网络上的“排序器”，负责在将交易发布到以太坊主网之前验证和批量处理交易。

Coinbase is currently the sole sequencer on Base, allowing it to capture a substantial portion of the transaction fees paid by users. In the first quarter, Coinbase generated $15.5 million in fees from Base, out of a total $27.4 million paid by users. In April, these fees contributed $11 million to Coinbase's revenue.

Coinbase 目前是 Base 上唯一的排序器，使其能够获取用户支付的交易费用的很大一部分。第一季度，Coinbase 从 Base 获得了 1550 万美元的费用，而用户支付的总费用为 2740 万美元。 4 月份，这些费用为 Coinbase 贡献了 1100 万美元的收入。

The analysts add that "if Base continues to grow, it could reliably deliver $10 million, $20 million, or more in profit to Coinbase each month." They envision a scenario where Base becomes the "primary network on which developers build applications," potentially positioning Coinbase as a central player in the cryptocurrency infrastructure landscape.

分析师补充说，“如果 Base 继续增长，它每月可以可靠地为 Coinbase 带来 1000 万美元、2000 万美元或更多的利润。”他们设想了这样一个场景：Base 成为“开发人员构建应用程序的主要网络”，从而有可能将 Coinbase 定位为加密货币基础设施领域的核心参与者。

Bitwise draws parallels between Coinbase's potential trajectory and that of Amazon. Amazon initially focused on online book sales but has since expanded into a wide range of sectors, with its cloud computing service Amazon Web Services (AWS) now accounting for over half of its profits.

Bitwise 将 Coinbase 的潜在发展轨迹与亚马逊的发展轨迹进行了比较。亚马逊最初专注于在线图书销售，但后来扩展到了更广泛的领域，其云计算服务亚马逊网络服务（AWS）目前占其利润的一半以上。

Similarly, Bitwise suggests that Coinbase could evolve into a "core infrastructure provider within the cryptocurrency ecosystem."

同样，Bitwise 认为 Coinbase 可以发展成为“加密货币生态系统内的核心基础设施提供商”。