**[Coinbase CEO Admits SocialFi Experiment on Base App "Did Not Work"]** Odaily Planet Daily News – Coinbase CEO Brian Armstrong recently stated on David Senra's podcast that the SocialFi feature experiment launched last year on the Base App "did not truly succeed." Armstrong explained that the feature was initially just an attempt, but its actual performance fell short of expectations. As a result, Coinbase has adjusted its product direction, refocusing the Base App on trading functionality and self-custody wallet experiences, making it closer to a "self-custody version of the Coinbase app." In July 2025, Coinbase reintroduced its non-custodial wallet, Coinbase Wallet, as the Base App, positioning it as an on-chain "super app" integrating social, messaging, gaming, and trading features. Jesse Pollak, head of the Base team, had previously promoted the Creator Coin feature, which allowed users to tokenize creator accounts or social content. Users could purchase related tokens by liking or interacting, generating revenue for creators. However, over time, these SocialFi features were gradually scaled back. In early 2026, Pollak stated on social media that the app had been "too focused on social" and would pivot toward a product experience centered on financial functionality. Subsequently, Base removed the social feed supported by Farcaster. Although some creator tokens briefly gained attention, most failed to maintain their value. For instance, journalist Nick Shirley's creator token, thenickshirley, once reached a market cap of $15 million after Armstrong's promotion but later experienced a significant decline. Armstrong noted that during the SocialFi experiment, some posts generated thousands of dollars in value on-chain, but the overall model still failed to form a sustainable product framework.