Виталик Бутерин о Base: децентрализация без ущерба для удобства Translation: Vitalik Buterin on Base: Decentralization Without Compromising Convenience

Co-founder of Ethereum, Vitalik Buterin, expressed a favorable view of the developers’ approach to decentralization for the Layer 2 solution, Base, amidst ongoing discussions about the drawbacks of sequencers and comparisons of these platforms to CEX.

«Base is doing everything right: it is an L2 solution on top of Ethereum that incorporates centralized features to enhance user experience while remaining tied to a decentralized base layer for security,» the expert remarked.

He added that Coinbase’s backed solution does not control users’ funds:

«They cannot steal assets or block withdrawals.»

According to him, quality Layer 2 solutions are not custodial.

«They are extensions of Ethereum, not mere servers sending hashes,» Vitalik emphasized.

Buterin’s comments came amid criticism of the «second layer» of the crypto ecosystem. Many L2s utilize a centralized mechanism for ordering transactions to reduce fees and prevent frontrunning by bots.

The topic was brought to light by recent remarks from SEC Commissioner Hester Peirce, who noted that such mechanisms could raise regulatory concerns — especially if they resemble the operations of centralized exchanges.

«If you have a transaction matching mechanism that is actually controlled by a single entity managing all of its elements, that looks much more like an exchange, and we have to take that into account,» the “crypto mom” highlighted.

However, she mentioned that if the matched assets are not securities, «then we really have nothing to add.»

Coinbase’s Chief Legal Officer Paul Grewal pointed out that equating L2 sequencers with centralized exchanges distorts their purpose and functions.

He explained that the SEC defines an «exchange» as a place for buyers and sellers of securities to meet. In contrast, Layer 2 solutions represent «general-purpose blockchains that operate as infrastructure.»

Such networks process messages in the form of code, invoke smart contracts, and create transaction batches — whether they be payments, calls, or messages.

He likened L2s like Base to Amazon Web Services (AWS): both platforms run code written by developers, including trading applications. However, this does not make the infrastructure itself an exchange.

«If an exchange operates on AWS, does that mean AWS is an exchange? Obviously not,» Grewal remarked.

Base co-founder Jesse Pollak also commented on the functions of sequencers. He stated that users can carry out transactions through both Base and directly on the Ethereum network, maintaining decentralization and protection against censorship.

«It’s like a traffic regulator ensuring a smooth flow in a dedicated lane that allows vehicles to reach their destination faster,» the expert explained.

He emphasized that sequencers are not «transaction matching mechanisms» like those used on traditional exchanges.

«Matching engines pair buy and sell orders at specified prices to execute trades. Sequencers do not engage in this — they only determine the order of transaction processing,» Pollak added.

If Layer 2 solutions were classified as exchanges, they would have to register with the SEC as trading platforms, adhere to a series of regulatory requirements, and operate under restrictions. This is why many industry participants oppose such classification.

As a reminder, in August, Base surpassed Solana in the number of tokens created in a single day.