According to @jessepollak, Ethereum is framed as the compute layer, Base as the global economy, and XMTP as the messaging layer, signaling a stack thesis for on-chain infrastructure, source: @jessepollak on X. Base operates as an Ethereum Layer 2 incubated by Coinbase, settles to Ethereum mainnet, and has no native token, making ETH the settlement asset for Base activity, source: Base documentation. Layer 2s post data to Ethereum, consuming L1 gas; under EIP-1559, a portion of base fees is burned, linking increased L2 usage to ETH supply burn dynamics, source: Ethereum Foundation (EIP-1559). XMTP provides wallet-to-wallet messaging infrastructure adopted by web3 applications, indicating a communications layer that can increase wallet engagement without introducing a new L1 token exposure, source: XMTP documentation. For trading, monitoring Base transaction throughput, Ethereum gas fees, and ETH burn can help assess demand signals tied to this stack thesis, source: Ethereum Foundation (EIP-1559) and Base documentation.

According to @jessepollak, Base will keep putting its best content onchain and remains open to everyone, referencing a Base post from six months earlier. Source: @jessepollak on X, Oct 20, 2025; Base official X post referenced. For traders, sustained onchain content initiatives suggest ongoing activity on Base, an Ethereum Layer 2 incubated by Coinbase with no native token, making ETH the primary macro asset impacted via L2 settlement and data usage. Source: Base FAQ on incubation and no token; Ethereum.org Layer 2 scaling documentation on L2 data posting to Ethereum.