Base Creator Says SocialFi Bet Failed, Steps Away From Base App

Jesse Pollak, Base's creator, has admitted that Base's 2024-25 bet on social networks and creator coins failed, and has handed control of the Base App to crypto trader Cobie whilst refocusing the blockchain around trading, payments and AI agents. Coinbase is now filling product gaps by acquiring derivatives exchanges and integrating third-party market flow rather than building in-house.

This Wire brief sits within Fusion42's coverage of Crypto & Web3 and Fintech. Wire is Fusion42's founder-focused intelligence feed: each story is connected to the funds and startups it names — every one with a live profile on Raise or Scout — so founders can follow the capital and the momentum behind the headline rather than just the headline itself. Wire analysis is one of the live surfaces Arthur, Fusion42's AI co-founder, reasons over.