Podcast Summary
In this podcast, Jesse Pollak, the creator of Base, discusses the transition of CoinBase to an on-chain platform and the development of Base as a company within a company. He elaborates on the benefits of on-chain applications, the potential of DAOs, and the importance of attracting top talent. The podcast also delves into the concept of the super chain ecosystem and the relationship between Base and Optimism.
Key Takeaways
Transition to On-Chain Applications
- On-Chain Transition: Base, likened to AWS for CoinBase, is an open platform that facilitates the running of applications on-chain. This transition is seen as a next-generation compute where applications are run on global computers, similar to the serverless compute era, but with more connectivity and access to a broader ecosystem.
- On-Chain Economy: Base aims to build a global on-chain economy that increases innovation, creativity, and freedom. The platform is designed to enable the migration of businesses from web 2 to on-chain.
Role of DAOs and Stakeholder Reporting
- Efficiency of DAOs: DAOs have the potential to unlock incredible efficiency for organizations by encoding governance and decision-making in software.
- Stakeholder Reporting: Stakeholder reporting can see a 1000x improvement by running on-chain, providing real-time information instead of quarterly reports.
Super Chain Ecosystem
- Multiple Chains: The team at Base concluded that there would be a need for multiple chains to handle the demand for on-chain compute, leading them to build their own chain.
- Super Chain Concept: The concept of the super chain is like a trade agreement between chains, allowing them to depend on each other and achieve fungibility. The super chain ecosystem aims to solve the issue of fragmented liquidity along the Ethereum stack by consolidating liquidity and enabling freedom of movement.
Relationship Between Base and Optimism
- Economic Arrangement: The economic arrangement between Base and Optimism involves Base giving a portion of its revenue to Optimism in exchange for governance voice and retroactive public goods funding.
- Interdependence: The relationship between Base and Optimism is like a federal government and state economy, with taxes funding infrastructure that connects and transacts between economies.
On-Chain Products and Data
- On-Chain Products: The most relevant competition for Base is off-chain products, and the goal is to beat them in terms of infrastructure and application quality. Once on-chain products become better than off-chain products, the growth curve will accelerate.
- On-Chain Data: On-chain data is a powerful attribution and targeting platform for businesses, enabling full life cycle attribution and customer value analysis.
Sentiment Analysis
- Bullish: The podcast expresses a bullish sentiment towards the transition to on-chain applications and the potential of the super chain ecosystem. The belief in the efficiency of DAOs and the potential for improved stakeholder reporting also contribute to this positive outlook.
- Neutral: While the podcast is generally optimistic about the future of on-chain applications, it also acknowledges the challenges and competition from off-chain products. This balanced view suggests a neutral sentiment towards the immediate adoption and success of on-chain products.
