Crypto version of WeChat? First experience with the new version of Coinbase wallet

On June 29, Jesse Pollak, co-founder of Base, announced on the X platform that a major announcement will be released on July 16. Based on market and community discussions, Coinbase may announce updates related to its wallet products next week. BlockBeats has obtained the internal testing qualification of the new version of Coinbase Wallet, and will reveal to readers in this article how its new version of the wallet attempts to build a fusion platform between social discovery, transaction flow and creator economy.

Unlike traditional wallets that only serve asset storage and transaction execution, the new version of Coinbase wallet has been given a greater mission: it attempts to become a distribution platform for on-chain content, a promotion channel for developer products, and even a new social plaza for traders and creators. Behind this wallet-led distribution logic is Coinbase/Bases deep reflection on the bottleneck of on-chain user growth – when users stagnate after completing their first transaction, the flywheel of the on-chain economy will be difficult to turn. In order to keep users staying and make the product out of the circle, they chose to rewrite the wallet into an open system that is socially driven, transaction-incentive, and creatively sustainable.

The Evolution of Coinbase Wallet

Previous versions of the Coinbase wallet had the same basic functionality as other 加密貨幣 wallets.

Coinbase Wallet old version interface

The new version of the wallet is mainly divided into home page, social, transaction, chat, notification and wallet balance.

On the main operation interface, there are AI Agent dialogues, application selections and Mini App collections.

The applications are popular projects in the crypto ecosystem, such as Noice, Fantasy, Morpho, etc. Users can directly open the Mini App to operate.

The biggest change in this wallet update is the integration with Farcaster, which is similar to WeChat’s Moments, bringing together information streams, videos, Farcaster user systems, notifications, etc. in the wallet.

Blockchain has no social interaction, only consumer social interaction

Coinbase Wallet, which is connected to Farcaster to read tweets and short videos, can chat with friends or even AI directly, order takeout, play games, and embed multiple social applications, has become a super integration. Previously, there were many more failure cases of blockchain than success cases of pure social applications. Concept products such as Lens, Mastodon, and nostr, which started with DID or social sovereignty, fell one after another. In this market that is highly related to money, it seems that no one is willing to pay for social that does not make money.

After the market gradually realized this, project developers began to integrate “money” into social interaction, giving birth to the Consumer Social track. The first to break the circle was the once phenomenal community App Friend.Tech, and the most successful in this track should be PumpFun, which is about to “issue a coin”. Wangqiao “QwQiao”, the founder of AllianceDao, which invested in PumpFun, has repeatedly stated in interviews or public occasions that AllianceDAO regards consumer social applications as one of its main investment blockchain tracks, and said that “social trading products are on the verge of large-scale adoption.”

The number of social tracks invested by VCs peaked around 2022 and is still increasing. Source: Cryptorank

In fact, many top venture capital firms are optimistic about the social trading track. Paul Veradittakit, partner of Pantera Capital, said from the perspective of the creators ecology that Web3 social platforms provide new ways for users to interact with creators and influencers. For example, the embeddable posts (Frames) feature launched by the decentralized social protocol Farcaster quickly attracted market attention, and Blinks, which can be embedded on X, was also derived on Solana. And such projects are not isolated cases, such as the Focus application launched on the decentralized social protocol DeSo ecology, which allows users to pay for content subscriptions with cryptocurrency and introduces a tokenized creator economic cycle, or the social application Zora that tokenizes creator content, etc.

Andreessen Horowitz, one of the founders of a16z, pays more attention to the following social interaction brought by trading. Young investors are returning to active trading and are happy to follow the strategies of successful traders. In its Fintech report, it is pointed out that in the future, retail investors will increasingly follow individuals who are good at investing, which is equivalent to star fund managers in the digital age. For example, eToros crypto copy function is a typical practice of retail following trading strategies. The report also emphasizes that bottom-level communities are emerging. Communities such as Stocktwits, WSB, and Commonstock combine trading behavior and social media through transparent trading data and collaboration tools. This means that the new generation of investors tend to share information and discover Alpha together on social platforms.

Mainstream blockchain venture capital favors the social trading track, mainly because this field can integrate community consensus and creator economy, lower investment thresholds, and enhance user stickiness. They believe that public trading ideas and community co-creation of investment strategies (such as copy trading and multi-layer incentive communities) on decentralized social networks will become a new trend, which can not only educate and motivate users, but also create new community-driven Alpha. On the other hand, if the activity of this model can drive the creator economy to bring about a virtuous internal cycle, it can change the existing social landscape.

The current logic of social sovereignty may change from driving users to participate in social activities to integrating traders into social circles – using the huge circle of traders to drive the creator economy – forming a closed loop and then spilling over wealth benefits (traders get Alpha, creators get subsidies, etc.) to obtain wider traffic.

The rise and fall of the social track does not match the market cycle and presents an independent trend. Source: SoSoValue (yellow: BTC, blue: ETH, red and green: social track indicators)

Which projects invested by Coinbase can be stuffed into Coinbase Wallet to achieve 1+ 1>2

Among all the institutions, Coinbase/Base is probably the one that has promoted the concept of social finance the most, and is also one of the VCs with the largest investments in this field.

From creator finance to social trading, from stablecoin payments to physical social consumption, Coinbases investment portfolio is now sufficient to support a complete super application closed loop. In addition to the existing functions, what other applications can make Coinbase Wallet more versatile?

The number of VC investments in the social track is incomplete, and Coinbase actually invests more in social-like applications. Source: Cryptorank

Towns

Towns is a group chat protocol and application designed for online communities. It is more like a decentralized, end-to-end encrypted version of a community DAO organization center. If it is added to the application, in addition to the existing in-app conversations and chats, the overall gameplay will be taken to the next level. In terms of product functions, the programmable groups embedded in the wallet have more functions than the existing TG subscription transactions and news groups in the industry (such as setting up CA and news in the automatic copycat group).

ZAR

ZAR allows users to find stablecoin merchants nearby and exchange cash for digital currency safely and conveniently. ZAR debit cards can be used anywhere Visa is accepted. If this feature is embedded in the Coinbase wallet, the reuse rate of stores and buyers will be greatly improved in many areas where stablecoins are widely used.

limitless

Limitless is a social prediction protocol that is similar to the functionality of Polymarket. Creators can easily configure markets and share them with the community. Its modular UI is also very suitable for embedding on mobile devices, while its feed stream can show the purchases of other people or friends on the chain.

黑鳥

Blackbird is a company that focuses on leveraging the loyalty and payment between restaurants and guests. It is similar to the membership-based Dianping.com, providing restaurants with a fully customizable loyalty model and consumer application. Blackbird can be a users wallet or a member of a restaurant. If the existing takeaway function of Coinbase Wallet is integrated with it and bound to the same user, it will greatly enhance the rights and interests of users.

From a single encrypted asset management tool, it has evolved into an on-chain super portal that integrates social relationships, transaction execution, content distribution and offline consumption. Its deep integration with Farcaster enables the wallet to not only carry assets and DApps, but also embeds modules such as social time flow, short videos, chat, and information push, reconstructing the users interaction method and stay route. At the same time, the MiniApp and application recommendation system embedded in the wallet allow it to assume the function of Base ecological project discovery and cold start, while enabling Coinbase to close the loop of its payment, social, transaction, and consumption ecological projects.

Blockchain wallets are no longer just entrances to blockchain. Coinbase Wallet has chosen to become the operating system and social hub of the Crypto world. It is a social map on the chain and a distributed machine that continuously generates active transactions and content. The encrypted version of WeChat may be on the way.

This article is sourced from the internet: Crypto version of WeChat? First experience with the new version of Coinbase wallet

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