WTF are Based Rollups?

Based rollups are a design for layer-2 chains in which Ethereum block builders also order the L2's transactions, rather than a single sequencer run by the rollup team. The article explains that this lets Ethereum capture a portion of L2 priority fees on top of posting costs, while the Based L2 inherits Ethereum's liveness and the ability to be atomically composable with L1 state. The author, BREAD, notes the trade-offs: Based teams give up some profitability and face Ethereum's 12-second block times, which pre-confirmations can mitigate. The author is skeptical that many teams will adopt the model because it cuts into their business revenue.