Jesse Pollak (제시 폴락), founder of layer-2 blockchain Base, acknowledged the failure of an expansion strategy centered on social features and will step back from the front line of operating the Base app.
Cointelegraph reported on July 16 that Pollak said Base fell behind rivals in key areas such as prediction markets and perpetual futures while it focused on social.
Posting on social media platform X, Pollak said he thought creators, content and messaging apps would drive cryptocurrency adoption, but the market completely collapsed. He acknowledged that Base fell behind in areas that became increasingly important as a result of its focus on social.
Pollak said he will hand control of the Base app to Coinbase's Jordan Fish and focus on the Base blockchain.
Base is shifting its focus from social to financial applications. In February, it ended a creator rewards program and a Farcaster-based social feed and pivoted toward tradable assets.
Coinbase Chief Executive Brian Armstrong also acknowledged a few days ago that content coins did not work.
Chi-gyu Hwang
delight@d-today.co.kr