TechFlow news, July 16, according to CoinDesk, Coinbase executive Jesse Pollak admitted that his strategy of betting on on-chain social apps and creator tokens failed to drive crypto adoption, announcing his departure from the leadership role of Base apps. Pollak stated that over the past two years he expected on-chain social experiences like Farcaster and Zora to lead crypto growth, but social apps "completely collapsed," causing Base to lag behind competitors in key areas such as trading, payments, and tokenization.
As part of a strategic adjustment, leadership of Base apps will return to Coinbase, led by renowned crypto investor Jordan Fish (known as "Cobie" on X platform). Fish will commit to building Base apps into the "best on-chain apps" and expanding beyond the Base ecosystem; while the Base blockchain itself will focus on trading, payments, and AI agents, positioned as the "global financial blockchain." Coinbase acquired the Echo platform founded by Fish last year for $375 million.
