Coinbase’s Base app has dropped its creator rewards program as well as its Farcaster-powered social feed. An official announcement from the Base App indicates that Coinbase is shifting from a more social Base ecosystem to a trading-first experience that prioritizes tradable assets.
Coinbase’s Base app has announced a major strategic shift from its social-centric ecosystem to a more trading-oriented platform that focuses entirely on tradable assets. Base App said it was getting rid of the farcaster-powered “Talk” feed to incorporate a feed tailored for onchain activity.
Base App halts creator rewards after distributing $450k to 17k creators
As part of the restructuring process, Base App also announced it will be culminating the platform’s creator rewards program. The platform noted that the creator rewards program has distributed over $450,000 to more than 17,000 creators in the last six months. The rewards program will end on February 15, and final payouts will be distributed on February 18. The figures show that each creator has received an average of $26 over the preceding six months.
“We’re grateful for all the creators who helped us build so far, and will be sharing new ways we’ll reward the Base App community soon,” Base App wrote on X. “We’re just getting started building the best trading experience onchain.”
The decision, confirmed by Base’s founder Jesse Pollak, who emphasized that the platform needed to operate under one primary function, which he concluded was trading. Pollak announced on X that he was one of the leading advocates for the farcaster integration in the Base App. He explained that after the application’s rollout, the founders realized that they needed to “do less, better.” Pollack confirmed that Base App will continue to support Farcaster and its builders despite its termination on the Base App.
The Base App founder made a similar announcement in mid-January that has seemingly laid the foundation for the app’s recent transformative shift. According to Pollak’s January announcement, the Base App was going to make trading its main operation to drive demand and distribution for assets across the onchain economy. “In general, there is a desire to engage with and trade high-quality assets. This is the most important opportunity as we bring capital markets onchain,” Jesse Pollak said.
In a detailed thread, Pollak said that the application was too social, hence too close to Web2, and did not support enough assets that users wanted to trade. He explained that the app’s usage suggested the growing demand for what he termed “high-quality assets.” Pollak also suggested that the feed needed to show what was happening onchain.
He also added that the team believed it made more sense to layer social features on top of finance than vice versa. Pollak said that the app developers would build a finance-first UX and overhaul the social ecosystem with new features such as copy trading, leaderboards, and feed trading.
Cryptopolitan reported that the proposed changes raised questions on the suitability of mini apps, which had been sold as consumer experience tools and onboarding creators, to the new focus. Pollak emphasized that this will remain a priority in the application and added that the Base App team is working to improve discoverability and refine tooling to measure their performance.
Coinbase CEO Brian Armstrong also echoed Pollak’s announcement, saying the app was taking a new trajectory focused on retail investors and traders as its initial users. Armstrong also said that the app will expand its feed to incorporate a broader range of assets to support everyone building on Base.
Coinbase launched the Base App in July last year and pitched it as a central piece of Coinbase’s “Everything App” strategy. The application was purposefully designed to integrate onchain social networking, messaging, and payments with onchain activities such as trading and investing.
Source: https://www.cryptopolitan.com/coinbase-pivots-base-app-to-tradable/
