TechFlow reports that dForce founder Mindao recently analyzed an agreement between blockchain projects Base and Optimism, suggesting the deal implies a valuation of approximately $1.18 billion for Base.
Mindao explained that Optimism exchanged around $177 million worth of its tokens (about 2.75% of total supply) for either 2.5% of Base's sequencer revenue or 15% of its profits, whichever is greater. This effectively means OP has traded 2.75% of its "equity" ($177 million) for 15% of Base's "equity." Based on this share swap ratio, Base's implied valuation is about $1.18 billion.
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