WHAT ARE BASED ROLLUPS?

Summary from the TLDR Crypto newsletter

"Based Rollups" are a new type of rollup that leverages Ethereum's existing block-building infrastructure, allowing Ethereum to serve as the sequencer instead of relying on independent L2 sequencers. This integration lets Ethereum capture not only its own transaction fees but also a portion of L2 tips, ensuring continuous operation and composability with Ethereum's state but at the cost of reduced profitability for the L2 team and slower block times due to Ethereum's pace.