Base Loses $1.4 Billion in TVL Amid Growing Rift Over Vision, Culture, and Execution

Base, the Ethereum Layer-2 network incubated by Coinbase, has seen its total value locked (TVL) fall by $1.4 billion in the past few weeks, dropping from about $5.3 billion in January to roughly $3.9 billion. The slide has prompted an unusually public debate over the chain’s strategy, product direction and execution.

Jesse Pollak framed the moment as part of a normal growth cycle for fast-scaling ecosystems, noting that Base grew rapidly and that the builders who remain will shape the next era. His remarks reflect a view held by infrastructure teams that early surges often lead to consolidation before the next phase of development.

Other founders and investors were more critical. A builder and Coinbase shareholder known as Hish faulted the Base App rollout as a marketed “super app” that delivered features users did not request, and investor Mike Dudas raised similar concerns about shifting priorities.

base, coinbase, ethereum, layer-2, tvl, base app, super app, jesse pollak, mike dudas, hish