base split from the optimism superchain in february. coinbase now keeps 100% of sequencer fees on a chain doing $5.9T monthly stablecoin volume, 18x more than any other L2. base captured majority of all L2 revenue in 2025 at $78.2m. add circle paying coinbase 56% of all USDC revenue and x402 crossing 100m agent transactions in 45 days. every agent payment on base is triple extraction: sequencer fee, USDC revenue share, custody fee. Q1 2026 earnings in may will be the first full quarter showing this margin expansion and $COIN is still priced like a cyclical exchange stock trading at 5x subscription revenue. the agent economy needs regulated rails and coinbase shipped them 5 weeks before stripe even launched tempo.