Base Creator Admits Web3 Social Bet Failed, Pivots to Global Finance | BitPinas
Jesse Pollak said Base's push into onchain social applications failed to gain traction, prompting the Coinbase-backed Ethereum Layer-2 network to refocus on trading, stablecoins, and AI.
Weekly Crypto RoundupGet the weekly briefing for Philippine crypto insiders, from the country’s longest-standing crypto and blockchain news publication. Jesse Pollak, the creator of Coinbase’s Ethereum Layer-2 network Base, announced a pivot toward global finance after admitting the network’s strategy to drive adoption through web3 social media failed. This strategic shift follows a 14% global workforce reduction by Coinbase in May 2026 that dissolved Base’s Southeast Asian expansion teams, including Base Philippines. Strategic Pivot After Failed Social Betlots of conversations about base over the last week. wanted to share my candid take after a week of listening and a lot of reflection over the last 6 months. first off – in case it’s not obvious, the first quarter of 2026 was a punch in the face. I spent 2024 and 2025 making a…— jesse. base. eth (@jessepollak)July 15, 2026In a statement published on X, Pollak stated that the first quarter of 2026 served as a “punch in the face” for the network’s development plans. He explained that their bet on onchain-native social experiences (such as Farcaster, Zora, and creator coins) had disintegrated completely. “I was wrong—whether it was timing wrong… or fully wrong, only time will tell, but regardless, I was definitively wrong,” Pollak wrote. Pollak acknowledged that focusing heavily on web3 social platforms caused Base to fall behind competitors in key areas like prediction markets, perpetual contracts, and enterprise tokenization. New Focus Areas and App TransitionTo address these shortcomings, Pollak announced that Base is refocusing on establishing itself as a blockchain for global finance. For the remainder of 2026, the network will prioritize three specific development areas: trading, global payments via stablecoins, and artificial intelligence agents. As part of this transition, Pollak has handed management of the Base application back to parent company Coinbase. The app will now be led by crypto personality “Cobie” to allow it to expand beyond the Base ecosystem. Local Impact and Base Philippines LayoffsThe strategic shift comes two months after Coinbase executed global layoffs on May 5, 2026, to transition into what CEO Brian Armstrong described as an “AI-native” operation. The workforce reductioneliminatedkey regional growth and developer support roles across the Asia-Pacific region, including personnel in Indonesia, Malaysia, Singapore, and Vietnam. In the Philippines, Country Lead Eli Becislao confirmed he was among the affected employees. The official Base Philippines social media account on X has since been updated to indicate that it is “no longer active. ”Prior Growth Metrics in the PhilippinesPrior to the restructuring, Base Philippines hadreportedsignificant growth during its first-anniversary event held at the Coins. ph office in Taguig City. The local division reported establishing a builder pipeline of over 15,200 individuals across 50 Philippine cities and municipalities. According to performance metrics, the group also established partnerships with over 40 local universities and distributed more than $150,000 in grants to the local cryptocurrency industry. This article is published on BitPinas:Base Creator Admits Web3 Social Bet Failed, Pivots to Global FinanceWhat else is happening in Crypto Philippines and beyond?BitPinas is a news website that portrays the most accurate coverage and representation of crypto, blockchain, play-to-earn, and NFT news and updates in the Philippines since 2017. Post navigation