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. If you built a social app on Base betting Pollak's hype would drive adoption, that bet just died and your runway shortened. Coinbase is now buying finished products (Deribit, Kalshi integrations) instead of waiting for apps to emerge—the layer-2 play was always a Trojan horse for fintech.