Jesse Pollak, the creator of Coinbase layer-2 network Base, has handed control of the Base app to pseudonymous crypto figure Cobie, conceding that the networks push into onchain social features was definitively wrong. The move signals a strategic pivot for the largest Ethereum layer-2 network.
Pollak acknowledged that Base bet heavily on content-driven social applications and creator tokens, but those use cases failed to gain meaningful traction. We were definitively wrong about the social bet, Pollak said, adding that the network will now refocus on trading, payments, and AI agent applications where it sees stronger product-market fit.
The Base network, which launched in 2023, quickly became one of the most active Ethereum layer-2 solutions by transaction volume and total value locked. However, the platforms initial emphasis on onchain social and content creation did not resonate with users as strongly as its DeFi and trading applications.
Cobie, a well-known figure in the crypto space who had reportedly won a bet with Pollak about Bases social prospects, will take over stewardship of the consumer-facing app. The transition is expected to bring a different approach to how Base engages with its user base.
Coinbase CEO Brian Armstrong has publicly supported the strategic shift, stating that while content coins didnt work on Base, the network is well-positioned for growth in AI agent applications and institutional finance. Base has seen significant adoption for stablecoin transfers, decentralized exchange trading, and tokenized asset applications, which will now become the primary focus of development efforts.
This article was adapted from The Defiant. Read the original here.
