Research noteET-2026-0439
Sequencer revenue is the business model, and it is centralised
The part that earns is the part that has not been decentralised.
$96M▲ +12%annualised sequencer revenue, top five
6 minEthereum & Layer-2
Ordering revenue accrues to a single operator on nearly every major rollup. Roadmaps to distribute it exist and have slipped repeatedly, which is unsurprising given what it funds.
This is a reasonable commercial arrangement stated plainly and an uncomfortable one stated in the language of decentralisation.