WEBVTT

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<v Speaker 1>Hey, folks, I've got Jesse Pollock, who's head of Base

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<v Speaker 1>and coinbas wallet, joining me.

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<v Speaker 2>How are you, Jesse. I'm doing awesome. It's been an

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<v Speaker 2>epic day.

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<v Speaker 1>Yeah, I'm sure you've done a lot of panels and

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<v Speaker 1>things like that, but I'm really excited about what's happening

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<v Speaker 1>on Base. Followed that for a long time, and it

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<v Speaker 1>seems you guys did it the right way. You didn't

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<v Speaker 1>launch a token, and you're seeing a lot of adoption.

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<v Speaker 1>Tell us a bit about what you're most excited about

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<v Speaker 1>with Base.

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<v Speaker 3>Yeah, So, for those who don't know, the mission of

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<v Speaker 3>Base is to build a global economy that increases innovation, creativity,

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<v Speaker 3>and freedom. The way that manifests is from a technology

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<v Speaker 3>perspective is it's a chain where anyone anywhere in the

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<v Speaker 3>world can come and build, and then you can come

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<v Speaker 3>and use the products that other people build, whether that's

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<v Speaker 3>coins or social apps or games or business offerings. And

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<v Speaker 3>we've been live for about twenty months and at this point,

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<v Speaker 3>Base is the largest Layer two in the world that

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<v Speaker 3>we build on top of Ethereum. It's one of the largest,

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<v Speaker 3>most important chains in the world. Then you know, we're

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<v Speaker 3>just seeing incredible adoption. I mean today alone, we announced

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<v Speaker 3>a bunch of really cool things, Shopify rolling out USDC

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<v Speaker 3>on base payments to all of their stores. Shopify served

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<v Speaker 3>one hundred and seventy five million people last year, and

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<v Speaker 3>USDC on base is now a default payment method. And

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<v Speaker 3>then we also saw Coinbase, who has obviously been a

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<v Speaker 3>huge supporter of Base, integrate based assets directly into the

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<v Speaker 3>coinbakes app. So now every Base asset is listed on coinbase,

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<v Speaker 3>and that's like a huge win for the bas ecosystem

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<v Speaker 3>in for growing the economy.

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<v Speaker 1>It's exciting. So is Base does it have the capability

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<v Speaker 1>to surface both retail and institutional investors?

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<v Speaker 2>Yeah, one hundred percent.

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<v Speaker 3>You know, we like to say basis for everyone, and

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<v Speaker 3>that applies to people from every single country in the world,

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<v Speaker 3>but also people with different backgrounds and people you know,

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<v Speaker 3>from different segments. And so there's a huge kind of

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<v Speaker 3>like retail consumer population that's on Base, that's using games

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<v Speaker 3>and social products. But then we also have a really

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<v Speaker 3>big institutional capital base and allocators and traders who are

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<v Speaker 3>on Base as well. Because we now have you know,

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<v Speaker 3>the most highest volume ethereum pools on chain. We have

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<v Speaker 3>the highest volume bitcoin pools on chain, and we're increasingly

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<v Speaker 3>starting to have the highest volume for every single asset

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<v Speaker 3>because Base is becoming the center of the on chain

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<v Speaker 3>economy because it's fast, it's cheap, it's easy to use,

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<v Speaker 3>it's globally accessible, and it's super powerful.

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<v Speaker 2>With the EVM.

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<v Speaker 1>Absolutely, I'm gonna ask some questions and I'm a bit

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<v Speaker 1>of a nube here, So does it Will there be

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<v Speaker 1>possibly a layer three, so to speak, on top a

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<v Speaker 1>layer on top of Base.

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<v Speaker 2>Yeah.

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<v Speaker 3>The way I think about kind of layer one, layer two,

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<v Speaker 3>layer three is layer one is kind of pure infrastructure

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<v Speaker 3>like the Internet. Layer two are these economies that bootstrap

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<v Speaker 3>off of that infrastructure and Base we like to say

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<v Speaker 3>it's a global economy that everyone can be a part of,

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<v Speaker 3>and then layer threes are apps that plug into those

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<v Speaker 3>economies for kind of the functionality the economy provides. Maybe

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<v Speaker 3>it's the on rams, maybe it's the market structure, maybe

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<v Speaker 3>it's the liquidity. But the layer threes are getting kind

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<v Speaker 3>of their own dedicated block space, but using all the

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<v Speaker 3>infrastructure that the economy actually provides. And so today we

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<v Speaker 3>actually already have a ton of layer threes that run

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<v Speaker 3>on Base. Those are folks building games deep in social

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<v Speaker 3>products where they want their own dedicated blockspace. They've already

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<v Speaker 3>been consuming gas on Base, but they want more control.

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<v Speaker 3>They already have a pretty high spend, and so they

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<v Speaker 3>spin up their own l three.

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<v Speaker 2>We helped host some of them.

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<v Speaker 3>We have an app chains product that enables that, but

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<v Speaker 3>then a lot of them also use other ecosystem offerings

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<v Speaker 3>from folks like Conduit and Caldera. And this is one

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<v Speaker 3>of the really cool powerful things about Base is that

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<v Speaker 3>it's an open platform and so you can build on

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<v Speaker 3>it no matter which way you choose. It's open and

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<v Speaker 3>available to you.

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<v Speaker 1>Will you primarily say in the Ethereum ecosystem, are their

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<v Speaker 1>plans to branch out to Solona or whatever it may be.

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<v Speaker 3>Yeah, I mean we've said from the beginning that we

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<v Speaker 3>want Base to be a bridge, not an island, and

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<v Speaker 3>so that was why we built on etherorem as a

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<v Speaker 3>layer two, so we could be connected to the largest

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<v Speaker 3>to centralized economy in the world. But it's also why

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<v Speaker 3>we've been excited about finding ways to collaborate with Slona.

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<v Speaker 3>We've brought in a ton of bitcoin to base coin bases,

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<v Speaker 3>building their whole bitcoin borrowing product on top of Base,

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<v Speaker 3>and all of that is kind of anchored on the

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<v Speaker 3>thesis that we're stronger together and that in order to

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<v Speaker 3>bring the world on chain, it's can require all of

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<v Speaker 3>us working together. And so absolutely like we're just getting

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<v Speaker 3>started in terms of collaborating with other folks.

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<v Speaker 2>What's on your road map that you can share.

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<v Speaker 3>Yeah, I'd say the thing that I'm most excited about

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<v Speaker 3>right now is I've been working on Base, the chain

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<v Speaker 3>and builder tools for the last almost three years now

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<v Speaker 3>at this point. But then just in the fall, I

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<v Speaker 3>took over coinbas wallet, where I'm now getting to be

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<v Speaker 3>back working on consumer products because before I started working

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<v Speaker 3>on Base, I led our consumer products on the engineering

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<v Speaker 3>side for five years, and so I took over that

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<v Speaker 3>team in October. We right away started a ground up

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<v Speaker 3>rewrite of the product and we're nearing the end.

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<v Speaker 2>It's actually in private beta right now.

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<v Speaker 3>You know, it's a totally different the screen can't see,

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<v Speaker 3>but it's a totally different product. It's a social app,

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<v Speaker 3>so there's a whole social feed in here. We have

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<v Speaker 3>a text based social feed, we have a whole video

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<v Speaker 3>feed with like TikTok. We have mini apps where you

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<v Speaker 3>can go and play games, you know, it's all on chain,

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<v Speaker 3>all on crypto. We have a full trading and payments experience,

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<v Speaker 3>we have a full messenger notifications, and then of course

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<v Speaker 3>a global wallet. And one of the really powerful things

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<v Speaker 3>about the global wall is because we have stable coins

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<v Speaker 3>for all these different countries, including the Eurozone and Brazil

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<v Speaker 3>and South Africa, we can make this wallet work for

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<v Speaker 3>people everywhere in the world. And so really we're thinking

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<v Speaker 3>about this as the entry point to this new global

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<v Speaker 3>economy that we're building, and it's in private beta right now.

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<v Speaker 3>People are loving it. I personally have moved a huge

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<v Speaker 3>amount of my screen time to the new wallet, and

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<v Speaker 3>I think it's gonna have a really profound impact on

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<v Speaker 3>bringing more people on chain and getting this flywheel spinning

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<v Speaker 3>faster and faster.

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<v Speaker 1>One of the challenges as a content creator I have

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<v Speaker 1>is dealing with bots and fake profiles. Will this type

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<v Speaker 1>of infrastructure help resolve that because it's verifiable.

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<v Speaker 3>Yeah, I think there's absolutely gonna be stuff that we

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<v Speaker 3>can do around verification that makes it easier for us

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<v Speaker 3>to filter.

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<v Speaker 2>Out spam and bops.

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<v Speaker 3>The other thing that I think is going to be

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<v Speaker 3>really meaningful is we're we're building content tools that are

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<v Speaker 3>on chain native. And what that means is that because

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<v Speaker 3>we can use this on chain platform, we're actually gonna

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<v Speaker 3>be able to earn more money for creators. Instead of

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<v Speaker 3>Facebook or Instagram taking ninety five percent of the value

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<v Speaker 3>of your creativity, you're gonna get that ninety five percent of.

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<v Speaker 2>Value, which it means you're gonna make ten times more.

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<v Speaker 3>It means you're gonna own the relationships with your fans

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<v Speaker 3>so you can move around and not lose access to it,

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<v Speaker 3>and it means that you're not gonna be at risk

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<v Speaker 3>of being deplatformed. And so as we're thinking about this

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<v Speaker 3>next phase of coinbas wallet, and as we're thinking about

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<v Speaker 3>the next phase of crypto adoption, I really think it's

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<v Speaker 3>gonna be driven by creators because we've been in the

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<v Speaker 3>developer era. Developers are finally kind of having the tools

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<v Speaker 3>they need to build apps. But if you look at

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<v Speaker 3>the kind of scale of developers around the world, there's

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<v Speaker 3>sole only around ten, ten million, twenty million developers. There

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<v Speaker 3>are hundreds of millions of creators. And by giving them

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<v Speaker 3>better tools that let them earn more and do better,

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<v Speaker 3>they're then gonna tell the story of on chain.

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<v Speaker 2>They're gonna share with their audiences.

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<v Speaker 3>Come on chain, come with me over here, because it's

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<v Speaker 3>better for me and it's better for you.

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<v Speaker 2>Yeah.

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<v Speaker 1>Absolutely, It kind of gives you equity, so to speak, right.

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<v Speaker 3>One hundred percent, you now co own the network that

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<v Speaker 3>you're creating on and you can benefit from it, and

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<v Speaker 3>that can let you live a more prosperous, successful life.

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<v Speaker 1>It's funny because there's certain laws like mechas law and

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<v Speaker 1>reads law and that are playing out here with these

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<v Speaker 1>blockchain networks. It's just fascinating the CIT's economies being built.

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<v Speaker 2>One hundred percent.

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<v Speaker 3>I mean, we are doing this in real time, like

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<v Speaker 3>trying to figure out how do we build a global

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<v Speaker 3>economy that actually works for everyone, that actually increases innovation,

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<v Speaker 3>creativity and freedom. And unfortunately there's or fortunately or unfortunately

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<v Speaker 3>there's no playbook. No one's ever done this before, and

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<v Speaker 3>we're just excited to get to be kind of at

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<v Speaker 3>the frontier.

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<v Speaker 1>This may be a hard question to answer, but creating

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<v Speaker 1>that social aspect I love that. But how do you

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<v Speaker 1>compete against the behemits of the out there? Do you

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<v Speaker 1>go pitch them and say integrate our technology.

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<v Speaker 3>I think it's both, you know, like we're always going

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<v Speaker 3>to be out at the frontier, and I don't think

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<v Speaker 3>we should stop being out at the frontier. We're gonna

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<v Speaker 3>keep innovating, We're gonna keep finding new ways for creators

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<v Speaker 3>to earn We're gonna keep taking our shots to give

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<v Speaker 3>people this platform that can really serve their creativity. At

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<v Speaker 3>the same time, like I said earlier, we have this

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<v Speaker 3>mindset of we went together and we're constantly in conversation

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<v Speaker 3>with platforms across social and commerce. We obviously had this

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<v Speaker 3>huge Shopify announcement today, And what the message that we're

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<v Speaker 3>always sharing is we.

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<v Speaker 2>Want to work together with you.

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<v Speaker 3>We want to help you come on chain, we want

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<v Speaker 3>to help you get leverage from that, help you get

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<v Speaker 3>more reach, help you build more efficient systems, help you

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<v Speaker 3>reward creators. And we're seeing a lot of excitement and

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<v Speaker 3>engagement about that. And so I really think that over

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<v Speaker 3>the next few years it's going to be a mix

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<v Speaker 3>of us kind of pioneering and then us gradually helping

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<v Speaker 3>bring people along to build this new creator economy.

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<v Speaker 1>Another rookie question for you, as Coinbase is already a

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<v Speaker 1>very big company. You have a large customer based, great brand.

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<v Speaker 1>You're gonna be able to bring a lot of people

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<v Speaker 1>into these products, but as you scale and you become

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<v Speaker 1>more popular and you kind of hit that tipping point

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<v Speaker 1>of mass adoption. Is Base able to handle the volume

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<v Speaker 1>of transactions.

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<v Speaker 2>Yeah, one hundred percent.

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<v Speaker 3>You know, in the last like year or so, we've

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<v Speaker 3>scaled basically twenty x in terms of our capacity and throughput.

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<v Speaker 3>The average like the median fee on Base right now

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<v Speaker 3>is way less than a cent, like a tenth of

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<v Speaker 3>a cent or even one hundredth of a cent, And

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<v Speaker 3>we have a really ambitious roadmap to keep scaling.

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<v Speaker 2>We'll do another ten x or twenty x over the

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<v Speaker 2>next twelve months.

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<v Speaker 3>And so we think that at some point it might

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<v Speaker 3>get close where if we grow fast enough, we're gonna

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<v Speaker 3>be kind of like pushing the limits of scaling. But

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<v Speaker 3>that's the motivator for us, right We always want to

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<v Speaker 3>be one step ahead, and with the team that we have,

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<v Speaker 3>with the collaboration that's happening across the Ethereum ecosystem, I

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<v Speaker 3>feel really confident that we're gonna be able to scale

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<v Speaker 3>to keep up.

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<v Speaker 1>Final question, if I let you go, are you integrating

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<v Speaker 1>AI or AI agents anyway to help achieve those goals?

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<v Speaker 3>One hundred percent. And that's happening in two ways. So

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<v Speaker 3>one is on our internal team, we are using AI

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<v Speaker 3>like gangbusters, Like I'm writing code right now and I

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<v Speaker 3>haven't been writing code in a long time. But because

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<v Speaker 3>we're using a kind of AI enabled code stack with

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<v Speaker 3>cursor and all these tools that we've built, I can

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<v Speaker 3>actually go I can say I want to fix this ticket,

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<v Speaker 3>and then I can ship a pr and it like

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<v Speaker 3>I don't even really write code in the editor anymore.

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<v Speaker 3>I just have a prompt interface. It's crazy, and it's

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<v Speaker 3>so much better than it was six months ago. And

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<v Speaker 3>the thing that we're seeing is that as the engineers

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<v Speaker 3>on our team adopt it, they're like three to four

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<v Speaker 3>times more impactful, like literally like three to four times

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<v Speaker 3>the impacting. They can shift something that would have taken

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<v Speaker 3>weeks in hours, and so that's one way we're seeing

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<v Speaker 3>AI really adopt this. We rewrote this whole app from

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<v Speaker 3>the ground up in six months. We did a similar

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<v Speaker 3>rewrite a couple of years ago it took more than

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<v Speaker 3>a year, and so the timelines for how quickly we

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<v Speaker 3>can innovate are really getting compressed. And then the second

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<v Speaker 3>place we're releasing AI adoption kickoff is that there are

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<v Speaker 3>all these agents that are using on chain and crypto

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<v Speaker 3>as a platform where they can pay, they can transact,

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<v Speaker 3>they can trade for you, they can manage your assets.

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<v Speaker 2>And so we're actually building agents.

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<v Speaker 3>Directly into the app where you'll be able to have agents.

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<v Speaker 3>They'll be in your chat, you'll be able to talk

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<v Speaker 3>with them, help, you'll be able to approve things for

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<v Speaker 3>your wallet to do. So an agent can be like, hey,

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<v Speaker 3>do you want to do this transaction?

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<v Speaker 2>Boom approve.

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<v Speaker 3>Hey, we want to move this money to get you better,

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<v Speaker 3>ye know, Boom approve. Hey, I'm in a group chat

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<v Speaker 3>with my friends. Agent, why don't you set up a

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<v Speaker 3>new pool for all of us to, you know, make

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<v Speaker 3>a bet.

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<v Speaker 2>On this game that's happening right now. Boom approve all

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<v Speaker 2>of that.

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<v Speaker 3>Because we've built on this open platform that's composable, just works,

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<v Speaker 3>and it's gonna let us bring AI combined with money

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<v Speaker 3>into all of our day to day lives. And I

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<v Speaker 3>think it's gonna be incredible just in terms of the

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<v Speaker 3>consumer experiences that unlocks.

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<v Speaker 1>That's amazing and I can't wait to see many of

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<v Speaker 1>these things come through Fruition and being able to test it.

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<v Speaker 2>I will have to be a beta tester. Yeah, we

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<v Speaker 2>gotta get you.

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<v Speaker 3>We gotta get you on board, Sarah, We got to

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<v Speaker 3>get them on board. Yeah, we're just starting. I think

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<v Speaker 3>we have like a few, like two thousand people on

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<v Speaker 3>on on it right now, but we're starting to roll

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<v Speaker 3>out and we'd love.

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<v Speaker 2>To get you in there.

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<v Speaker 1>That's exciting, man.

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<v Speaker 2>Jesse