Base is for everyone (BASE)

Base, Arbitrum & Optimism can steal all user funds without delay now! ⚠️

Admin keys can change rules instantly. So, even if you "trust" your overlords;

Hackers can still exploit it! Draining an entire L2 of all user funds: $11B TVL in BASE alone!

Betraying crypto's promise: 🧵

The admin key (multi-sig/security council) can change the L2s rules on the level of the smart contracts that are on Ethereum (which is what enforces the rules)

Including changing the code so that all of the L2's user funds are send to any other arbitrary address...

This is how a hacker could entirely drain any major L2 right now!

Admin Keys:

L2's do not inherent L1 security, as the admin key entirely invalids that claim in these cases. As it bypasses all other security measures that might otherwise be in place

Almost all of the major crypto exploits we have seen over the last year. Are due to exploiting points of centralization in what are supposed to be decentralized crypto projects. These admin keys now represent the most vunrable point of attack in crypto, the empirical evidence clearly backs that up

Despite it giving these organization a false sense security. As they tell themselves these admin keys are there to protect people in case something goes wrong. Ironically in 2026, the admin keys themselves have become the greatest possible risk

In other words, admin keys are not the solution, they have in fact become the biggest problem!

The L2 Lie:

Ethereum sold us "L2 scaling" in the name of decentralization. In reality they pushed their users into centralized, private & rent seeking L2s

While also losing its lead in usage to chains like SOL & HYPE which did scale their L1 instead

That is one of the biggest failures & betrayels we have ever witness in crypto after Bitcoin itself went through an earily similiar failure mode

A Failed Experiment:

The top 17 L2's can all instantly steal all user funds using this same method! This acccounts for over 99.9% of all L2 TVL

Credit were credit is due, there are now 3 L2s that cannot steal user funds. Out of these Aztec has a decentralized validator set (great job!) & its TVL is below $1k today...

"L2 scaling" is clearly a failed experiment at this point. Centralized L2s are objectively inferior to scalable L1's. As scalable L1's can offer speed & low cost without sacrificing decentralization, security & selling your soul to the devil

Complacency Bias:

Most will tell you L2's are perfectly safe to use untill the next big hack happens

We have been here before in crypto's history countless time before. Everything is fine untill all of a sudden it is not fine at all. That is the thing about security & governance, it is easy to ignore untill it all goes horrible wrong

Base, Arbitrum & Optimism are not safe to use, they are dangerous. It is only a matter of time before a major L2 gets exploited in the way I described here

Conclusion

L2's are a dystopian nightmare of centralization. Sold to us as crypto, & in ETH's case even as the "cypherpunk" dream

Nothing could be further from the truth. If anything it is one of the biggest threats to crypto & cypherpunk principles, as we pervert & corrupt our own movement from within

Stop supporting fake crypto! Too many do so because their favorite cult leader told them too. Think for yourself!

Such faustian bargains are entirely unnessarry. Which is also what makes this failure mode so tragic. That is why ETH has lost so much ground, while SOL & HYPE far overtook it in usage over the past few years

The future of crypto is so much brighter then what they are selling us, as we can scale the L1 while preserving decentralization!

As users we do not have to accept admin keys, stop using BASE & stop using L2's! The risk is far too great & crypto can do so much better then that right now

Without scalability, crypto is useless & without decentralization it is pointless

We can now finally achieve both within a single L1. The blockchain trillema has been solved. So, come with us & join the real crypto revolution now! 🔥

Why am I saying this:

- Robinhood focus is around RWA
- yet memes drive the most volume there currently
- ~80% of memecoin traders end up in a loss
- after people will burn their money there they will pivot back to other chains
- we already saw a major scam there with noxa