Coinbase CEO Brian Armstrong expects the 110 corporate blockchains currently active to face major consolidation, with weaker networks forced to merge or retreat. Robinhood Chain illustrates this dynamic with roughly 200 million transactions processed in its first month and $650 million in total value locked. According to L2Beat, only 24 out of 110 networks were processing more than two user operations per second as of July 31, indicating significant fragmentation. Coinbase is positioning Base as neutral infrastructure, exploring a potential token and highlighting $32 trillion in stablecoin transfers processed over the past twelve months. Omid Malekan, professor at Columbia Business School, warns that permissioned blockchains carry censorship and control risks that decentralized networks do not.
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