Jesse Pollak, Coinbase executive and creator of the Base layer-2 network, defended the company’s ETH holdings against accusations from the Ethereum community that it is selling its ETH. According to him, Coinbase is the largest non-DAT ETH holder, with reserves estimated between 115,000 and 151,000 ETH, worth approximately $300 million. The controversy arose as some observers noted that Coinbase is accumulating BTC in its treasury while converting Base sequencer revenue into ETH. Pollak responded by highlighting Coinbase’s contributions to the Ethereum ecosystem, including the development of EIP-4844, the co-creation of the USDC stablecoin, and onboarding millions of users to the network.
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