Base Loses $1.4 Billion in TVL Amid Growing Rift Over Vision, Culture, and Execution
Base, Coinbase’s Layer-2 network, has experienced a $1.4 billion decline in TVL due to strategic disagreements and criticism regarding its direction.Summary
Base, the Ethereum Layer-2 network incubated by Coinbase, has seen its total value locked (TVL) fall by $1.4 billion in recent weeks, coinciding with increasing public debate over its strategy and product direction. While TVL fluctuations are common, Base faces unusually open criticism from founders, investors, and Coinbase leadership. Critics argue Base lost focus with the rollout of the Base App, which was marketed as a “super app” but failed to deliver requested features. Coinbase CEO Brian Armstrong acknowledged missteps and clarified the Base App’s focus on self-custody and trading. The debate extends to broader questions about ecosystem design, with suggestions for combining managed accounts and self-custody to improve usability. Ultimately, Base’s success hinges on translating its infrastructure advantages and Coinbase distribution into sustained user growth amidst intensifying competition among Layer-2 ecosystems.
(Source：BeInCrypto)