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Coinbase’s Base: The Evolution From Wallet to “Everything App”
On Wednesday, Coinbase unveiled Base, a new mobile app rebranding and expansion of its Coinbase Wallet, positioning it as an “everything app” for the on-chain economy.
Launched during a sold-out event in Los Angeles, Base aims to move beyond simple transactions. It integrates social features, AI tools, gaming, and creator monetization into a single platform.
Key Features and Vision
- It aims to create a more social, interoperable (composable), and creator-friendly Web3 experience for both early adopters and mainstream users.
- Features include social interaction, AI agents curating feeds or performing tasks like video editing, messaging (with wallet integration), and video game capabilities.
- Monetization allows creators (text, image, video posts) to earn directly based on their content’s popularity.
- Notable early supporters include Gary Vaynerchuk (creator of Vee Friends) and filmmaker Roman Coppola (of Decentralized Pictures).
Promoting Decentralization
Base is built on open protocols (Farcaster for social, XMTP for messaging, Zora for monetization) designed for transparency and composability.
“The trust is in the network. The trust is in the protocol,” explained Coinbase’s John Granata. Features like end-to-end encrypted chat are designed to align with these principles.
Filmmaker Roman Coppola stated the move promotes “creators having more control and earning financial rewards from their work.” Gary Vaynerchuck expressed enthusiasm for the long-awaited concept of a decentralized social network.
“Whether Coinbase pulls it off or not, it’s coming,” Vaynerchuck noted.
The approach suggests a strategic pivot by Coinbase from being a bridge provider to being an innovator in the Web3 infrastructure space.
A “Netscape Moment” for Crypto
Coinbase CEO Brian Armstrong called the Base launch the company’s “Netscape” moment, referring to key milestones in technology adoption.
After improving fiat-to-crypto on-ramp (Coinbase), the company saw a need for a new type of app to broaden crypto usage.
Armstrong emphasized Base’s goal to make the onchain economy usable for “regular people who don’t even know anything about crypto,” comparing it to the early web.
Coinbase’s Mission Statement
Founded a decade ago, Coinbase’s core mission is to increase global economic freedom, asserting crypto as the crucial enabling technology.
The launch underscores Coinbase’s push to build a comprehensive Web3 app, believing it addresses this mission.
