It’s been a long held thesis of mine that Coinbase will continue to push more volume onchain.
First, it was fiat as USDC. Then we got Base L2. Then cbBTC. Then the recent announcement of DeFi access direct to Coinbase wallet.
I expect at Base day today we will get more validation of this thesis. I expect Aerodrome to be the big winner.
Coinbase has accumulated a lot of $AERO which allows them to direct liquidity via bribes. This would allow them to use Aerodrome as a liquidity hub for their incoming perps, via Derebit.
If this thesis plays out, it will be a masterclass by Coinbase. Most companies making billions pa in exchange fees would fall foul to the innovators dilemma. But they will instead disrupt their core business to capture what is likely to be a larger, emerging market.
Disclaimers: Persistence Capital holds $AERO. NFA
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