Robinhood tackled Coinbase head-on then immediately inherited Base’s biggest problem

Here is the latest from the digital-asset markets: Coinbase is reshaping its Ethereum layer-2 network, Base, around trading, payments and tokenized assets as Robinhood’s new blockchain rapidly gains users and liquidity in many of the same markets. On July 15, Base creator Jesse Pollak acknowledged that the network’s earlier emphasis on social products had allowed it to lose ground in several of crypto’s fastest-growing financial categories. Pollak wrote on X: “The entire social side of the market that many of us had been building towards — Farcaster, Zora, mini apps, and yes, creator coins — disintegrated completely.

” Base will now concentrate on trading, payments and tokenized assets, bringing Coinbase into closer competition with companies building blockchain infrastructure for financial settlement. Pollak identified Robinhood and Stripe as formidable rivals as both expand their roles in tokenization and stablecoin payments. Base loses ground during its social push Over the past years, Base had bet that Farcaster, Zora, mini apps and creator coins could form the foundation of a consumer-focused crypto economy.

Market Dynamics

The strategy sought to turn posts, profiles and other online content into tradable assets, allowing creators to develop direct financial relationships with their audiences. The model initially generated substantial activity. At its peak, Base became the leading blockchain for daily token launches, briefly overtaking Solana for the first time since 2023 as users created and traded large numbers of content and creator coins.

However, that momentum proved difficult to sustain. Interest in social tokens weakened as developers, users and capital moved toward stablecoins, perpetual futures, prediction markets and other products with clearer financial uses. The downturn exposed a widening divide between the areas Base had emphasized and those attracting more durable activity across the industry.

Artemis data showed that daily users on Base fell sharply from their mid-2025 peak even as capital continued to accumulate in the network’s financial applications. In view of this, Pollak acknowledged that Base made insufficient progress in tokenization and enterprise payments as exchanges, fintech companies and financial institutions increased their focus on those markets. He wrote: “We realized how our focus on social had meant that Base had fallen behind in key areas that were now increasingly critical.

Market Impact

” Base is responding to this situation by separating the development of its consumer app from the underlying blockchain's strategy. Pollak has returned oversight of the Base app to Coinbase, where Jordan Fish, the crypto investor known as Cobie, will lead its development. Pollak will concentrate on positioning the network as settlement infrastructure for global financial activity.

Fish founded Echo, an onchain fundraising platform that Coinbase acquired for about $375 million in October 2025. Echo had facilitated more than $200 million across roughly 300 deals before the purchase. Coinbase said at the time that Echo could help it expand beyond token fundraising into tokenized securities and other real-world assets.

The handoff places Fish in charge of the user-facing product while Pollak focuses on Base’s infrastructure and developer ecosystem. Robinhood Chain gains early advantage As Base resets its strategy, Robinhood's new blockchain is experiencing an unusually fast start. Robinhood Chain, an Ethereum layer-2 network built using Arbitrum technology, was designed to support tokenized securities, lending, decentralized exchanges and other financial applications.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.