E93: BASE Creator Jesse Pollak - Why Most Crypto Traders Lose (And What to Do Instead)
Oct 25, 2024
auto_awesome
Jesse Pollak, creator of Base and leader at Coinbase Wallet, shares his emotional journey building a transformative Ethereum Layer 2 network. He reveals the intense pressure of the initial stages and how personal challenges nearly led him to quit. Jesse predicts a future where ‘everything will be on-chain’ and discusses the balance between centralization and decentralization in crypto. He emphasizes the importance of building quality products without token issuance and provides insights into the resilience needed for successful entrepreneurship in the ever-evolving crypto landscape.
Jesse Pollak emphasizes the necessity of prioritizing user-friendly solutions over tokenomics to enhance practical value in crypto.
He shares his personal struggles with burnout during Base's launch, highlighting the importance of self-care and support systems.
The podcast discusses the critical role of effective communication and community engagement in fostering trust and alignment within decentralized projects.
Deep dives
Mission to Build a Global On-Chain Economy
The mission is to create a global on-chain economy that promotes innovation, creativity, and freedom for all. The focus is on rebuilding outdated economic systems that have been in place for decades and often fail to meet the needs of people globally. This new system aims to provide equal access to decentralized applications, allowing creators to earn from their work without centralized platforms taking a significant share of their income. By leveraging blockchain technology, the goal is to empower individuals regardless of their background or location, leveling the playing field for everyone.
Challenges in the Crypto Space
A prominent concern in the crypto ecosystem is the confusion surrounding economic incentives and market dynamics. There is a tendency for developers to prioritize tokenomics over user needs, leading to a disconnect between what is built and what users actually want. This highlights the importance of focusing on creating user-friendly products that genuinely solve problems and enhance experiences. Attention must shift from mere token speculation to genuine solutions that offer value, thereby fostering wider adoption.
The Importance of Branding and Communication
Effective communication and branding are crucial for the success of decentralized applications and platforms. To achieve a cohesive understanding among users and builders, consistent messaging and clarity around the mission and values of a project are essential. Regular updates and engagement with the community foster transparency and trust, allowing teams to work together towards common goals. By ensuring that stakeholders are well-informed and aligned, organizations can better navigate challenges in the rapidly evolving crypto landscape.
Overcoming Burnout and Maintaining Resilience
The journey of building a startup often involves intense pressure and the risk of burnout, which can lead to serious mental health challenges. It's vital for leaders to recognize the signs of burnout and seek support from peers and loved ones when needed. Personal experiences of facing anxiety and stress highlight the importance of self-care, setting boundaries, and maintaining a healthy work-life balance. Resilience in the face of adversity is crucial for sustaining long-term efforts and driving meaningful change in the industry.
Navigating the Launch of New Products
The launch of products like BASE often comes with challenges and uncertainties, particularly when the ecosystem is involved. Thorough planning, innovation, and user feedback are critical in ensuring that new solutions meet the intended goals and user needs. The process may involve trial and error, requiring teams to pivot and adapt based on real-world experiences and lessons learned. Successful launches depend on being responsive to feedback and iterative improvements, ensuring products remain relevant and useful to users.
Future Predictions for the Crypto Landscape
Looking ahead, the crypto landscape is expected to witness rapid advancements and the emergence of innovative solutions that could significantly enhance user experiences. As the technology matures, the potential for mainstream adoption increases, with intuitive products that simplify the transition for users being critical. A united effort among developers to foster accessibility and usability of on-chain systems may lead to increased engagement and diverse use cases. Industry leaders believe that in the coming years, the integration of on-chain functionalities will fundamentally change how people interact with technology and finance.
Jesse Pollak is the creator of Base, Coinbase's ethereum layer 2 network offering a secure, low-cost way for anyone to build decentralized apps onchain. He is also the Lead at Coinbase Wallet and a member of the Coinbase Exec Team.
In this conversation, Jesse shares his deeply personal journey of building Base, from the intense pressure of early ideation to the physical and emotional toll of its launch.
He opens up about almost quitting, losing 20 pounds from stress, and how his wife's intervention helped him through the darkest moments.
Beyond the struggles, Jesse discusses his ambitious vision for an onchain future, predicting that "everything will be onchain in 5 years."
From his unique background in Quaker schools to his unconventional problem-solving methods, Jesse offers rare insights into what it takes to build a platform that could transform how billions of people interact with the digital world.
In this episode, we explore:
- Jesse’s mind and struggles
- What gave him a big chip on the shoulder
- How hard the beginning of Base was on a personal level
- Why the most successful products in crypto DO NOT have a token
- The Coinbase’s centralization Paradox
- How Jesse built the leading Ethereum Layer 2 in the crypto space.
- Why Jesse owns a Cryptopunk
- What it takes to be a successful founder in crypto
__________________________________
FOLLOW JESSE POLLAK
• Twitter: https://x.com/jessepollak
• LinkedIn: https://www.linkedin.com/in/jessepollak/
• Website: https://jesse.xyz/
• Base Twitter: https://x.com/base
• Coinbase Twitter: https://x.com/coinbase
FOLLOW KEVIN & WHEN SHIFT HAPPENS👇
Twitter (X): https://x.com/KevinWSHPod
Instagram: https://www.instagram.com/kevinwshpod/
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://www.podpage.com/when-shift-happens/
__________________________________
PARTNERS
🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana.
https://jup.ag/
🤖 SwissBorg is Europe’s top trusted crypto app offering user-centric investment platforms and DeFi asset management with reliability and innovation.
Sign up with this link and earn up to €100 : https://join.swissborg.com/r/kevinH6E7
♾ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies.
https://www.coinsilium.com
🍷 Dvin is building the operating system for the $100 billion wine industry.
https://www.dvinlabs.com/
__________________________________
DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
__________________________________
0:00 Introduction
1:33 Please Subscribe
1:54 Our Valued Sponsors
2:11 Driving Coinbase's On-Chain Evolution
6:18 Who is Jesse Pollak
7:45 Mission for Innovation and Freedom
9:42 Successful Crypto Founder Traits
13:55 Technical vs. Management Skills
17:34 Crypto Punk Identity
20:34 Starting a New Chapter
25:03 Crypto Currency Fascination
29:52 What is Base
32:02 DVIN Partnership
32:25 Launching Base
36:29 Coinbase's Centralization Paradox
42:22 Criticism of the Base Ecosystem
45:21 Building Real Value at Base
48:46 Prioritizing Product Over Tokens
56:19 3 Questions to Mainstream Crypto
57:33 How is Crypto Good for Humanity
59:00 How does Crypto Benefit my Mother
1:01:16 How do I Use Crypto
1:02:20 Optimism Within Crypto
1:04:48 Access in the Crypto World
1:06:45 Emotional Resilience in Crypto
1:09:40 Pressure of an Entrepreneur
1:15:46 Feeling of Giving Up
1:19:11 Passion for Writing and Photography
1:22:49 Non-Consensus Beliefs
1:24:30 Predictions for the Next 12 Months
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode