Mars Finance News: On July 20, Jeff John Roberts, a columnist for Fortune, wrote that Base, Coinbase’s Layer2 network, is facing development difficulties, reflecting that the crypto industry is moving on from the era of token speculation, and that companies need to shift toward more mature financial infrastructure and application scenarios. The article notes that in 2024, Coinbase previously hoped to build decentralized exchange and social platforms through Base, and to create a new social ecosystem around “creator coins.” However, that vision did not materialize. Current Base applications are more like an expensive experiment, causing Coinbase to fall behind emerging platforms such as Hyperliquid and Robinhood in competition. Base head Jesse Pollak previously publicly admitted that building Base applications into a crypto social platform was the wrong direction. He said the market does not have a large number of users willing to give up X and Instagram to switch to blockchain-based social products. The article also points out that Base’s early ecosystem faced criticism due to resource allocation issues, with some users believing that certain projects and participants within the Coinbase network received more opportunities. In addition, Pollak’s frequent social media activity also sparked controversy within parts of the community. However, the author argues that the problems Coinbase and Base face are not only execution-level mistakes, but also incorrect judgments about strategic direction. Over the past decade or more, the crypto industry has relied on developer communities, token issuance, and retail speculative capital to drive growth, but this model is now failing. As retail investors leave after losing through multiple market cycles, the crypto market is entering a new stage. Prediction markets, on-chain trading platforms, and tokenized assets driven by Wall Street are becoming new growth directions—for example, Hyperliquid is using blockchain infrastructure to serve traditional finance trading scenarios, and institutions are also starting to move into RWA (real-world asset tokenization). The article believes that for Coinbase to remain competitive in the future, it needs to break away from the “crypto bro” culture narrative and instead build broader financial infrastructure. However, the Base experiment has not been completely a failure. The article notes that Base helped bring forth the X402 protocol, an open-source payment protocol aimed at the AI agent economy, which is currently becoming one of the industry standards, and Coinbase also has the opportunity to benefit from it.

COIN9.52%

HYPE-2.89%

HOOD7.11%

RWA-0.16%

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Analysis: Coinbase’s Base strategy missteps expose the transformation challenges facing the crypto industry, and it needs to shift from the era of speculation to financial infrastructure.

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