Fortune commented that Coinbase ' s early vision around Base fell short of expectations. According to the article, the problem is not just the poor implementation of the product, but rather the fact that the company was still pursuing its business in the old-style encrypted narrative, while the focus of the industry has changed.
Base early vision failed to land
The article recalls that Coinbase had hoped to build a platform for combining trade and socialization through the Base and its same name block chain. However, the actual results were not ideal, and the re-orientation of the project had been repeated, which had led to dissatisfaction among some users and developers.
It was mentioned that the fact that Coinbase had once questioned the preference of specific projects and participants in his own network for the distribution of ecological resources weakened the platform ' s neutral image. It also named Base Chief Jesse Pollak, who said that his high-frequency social media speech had also exacerbated external disputes.
The central issue is route judgement.
According to the article, Base’s greater mistake was to bet on an encrypted phase that was already down. While that phase had become more dependent on decentrized slogans, tokenism and a continuous influx of dispersed households, the attractiveness of the model had declined significantly.
It was observed that, after many rounds of market fluctuations, many dispersed households had left traditional encrypted airports and the industry had begun to move closer to real financial demand. For example, Hyperliquid is using the block chain for a wider trading landscape, and Wall Street agencies are promoting the monetization of assets.
Coinbase to the financial scene
It was mentioned that Pollak, in retrodiscretion, admitted that it was not easy to promote the decentrized block chain project within a large centralized listed company. It follows from the commentary that Coinbase has to maintain both its encrypted vision and face financial and shareholder pressure, which makes it difficult for Base to move forward in the desired state of the corporate system in the long term.
However, the article also found that Base was not entirely fruitless. The X402 protocol is named. It was observed that this open-source agreement for agency-oriented commerce was gradually being adopted by industry, and Coinbase had a pre-emptive position in that direction.
Currently, the focus of the Base application has shifted more clearly to finance. According to the article, Coinbase has adjusted Pollak to a more backward block chain-building position and introduced Jordan Fish, or Cobie, to be responsible for the application level. According to the text, the application is no longer focused on social narratives, but rather on the financial scene.
The comment concludes that the key next is not whether Coinbase acknowledges past failures, but whether it can re-direct its products around the next stage of encryption needs, including trading infrastructure, cross-border market expansion and opportunities related to monetization of assets.