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.