The potential market valuation of ETH scaling solution Base has sparked widespread discussion in the industry. Based on the Fully Diluted Valuation (FDV) to Total Lock-up Position Value (TVL) ratio of other Layer 2 solutions on the market such as Arbitrum, Optimism, and StarkWare, the FDV of Base may fluctuate between $3.9 billion and $7.3 billion.

Although this valuation range seems considerable, it still pales in comparison to some first-layer public chains such as Avalanche, Hedera, and Bitcoin Cash, as well as other well-known projects such as Internet Computer, Elrond, and Uniswap. It is worth noting that despite Base generating as much as $5 million in on-chain revenue last month, far exceeding Arbitrum's $1.6 million, this still does not seem enough to support a higher valuation premium.

The main challenge facing Base is its positioning as a second layer. If it were an independent first-layer public chain, its valuation might be higher. However, Base explicitly states that it wants to remain consistent with Ethereum, a strategic decision that may limit its valuation potential.

Nevertheless, Base still has unique advantages. Its ecosystem's "moat" includes: Coinbase platform drainage, integration with centralized exchanges, staking services, compliance premium, diverse packaged assets, exclusive wallet development, creator economic support, innovation in the payment field, and support for native applications such as Farcaster and Zora.

However, Linea's case reminds us that even with widely adopted MetaMask wallet, ConsenSys' support, and their stablecoin, the second layer valuation still faces challenges. Linea's FDV is only slightly higher than $2 billion, highlighting the market perception barriers facing Base.

Therefore, Base's mission is not only to launch a token, but also to redefine the valuation model of layer-two tokens. It needs to create a new narrative that can enhance the value of all layer-two tokens, including Arbitrum, Optimism (still sharing fees as part of OP Stack), and Linea.

Whether Base can successfully shape a market-trusted growth story will be one of the most noteworthy developments in the future of the cryptocurrency field. This is not only about the success of Base itself, but may also reshape the value perception of the entire Layer 2 ecosystem.