Coinbase’s Jesse Pollak said he is stepping back from leading the Base app after acknowledging that his bet on an onchain social economy failed to drive crypto adoption as he had expected.

The Base creator said he had spent the last two years betting that builders and onchain-native social experiences, including Farcaster, Zora, mini apps and creator coins, would fuel crypto’s next growth wave. But in a post on X on Wednesday, he said while developers did spur adoption through products like stablecoins, prediction markets and perpetual futures, social applications “disintegrated completely.”

“I was definitively wrong,” Pollak wrote, adding that Base’s focus on social left it behind competitors in key areas including trading,…