A bold statement: The Base app will be the most important layout for Coinbase in the short to medium term, without exception.

The renaming of Coinbase Wallet to Base app is not merely a simple "rebranding." Internally at Coinbase, they describe the Base app as a super app that integrates social, gaming, payment, and trading, attempting to build a unique business empire like giants such as Meta, X, and WeChat.

Setting aside the long-term blueprint of a "super app," the Base app is expected to become a new revenue pillar for Coinbase in the short to medium term, with its revenue sources primarily including:

Growth in exchange platform fees: As a user entry point, the Base app is expected to significantly increase the user base and capital inflow to the Coinbase platform.

USDC distribution revenue: The Base app will vigorously promote USDC as a peer-to-peer payment currency and has already partnered with e-commerce giant Shopify.

Do not underestimate Coinbase's USDC distribution revenue. According to Circle's financial report, Circle's total revenue for the fiscal year 2024 reached $1.676 billion, of which $900 million flowed to Coinbase as distribution revenue sharing.

Which projects will benefit from the Base app? I have categorized them:

Biggest beneficiaries: Circle and Farcaster, forming a symbiotic relationship with Coinbase.

Ecological potential stocks: Star projects on the Base chain, such as Aerodrome ($AERO).

Deep integration pioneers: Projects closely collaborating with the Base app, such as @gizatechxyz.

Let’s talk about Giza, a project I personally really like.

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