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Coinbase CEO Acknowledges Base App's SocialFi Experiment "Did Not Work Out"

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March 4th — Coinbase CEO Brian Armstrong told David Senra on his podcast that the SocialFi feature the Base App launched last year “didn’t really pan out.” Armstrong noted the feature was always an experiment, but its real-world performance fell short of expectations. As a result, Coinbase has shifted its product focus: the Base App will now double down on trading functionality and the self-custody wallet experience, positioning it more like a “self-custody version of the Coinbase app.” In July 2025, Coinbase will rebrand its non-custodial Coinbase Wallet as the Base App, framing it as an on-chain “super app” integrating social tools, messaging, gaming, and trading. Base team lead Jesse Pollak had actively promoted the Creator Coin feature, which lets users tokenize creator accounts or social content — with users able to buy related tokens via likes or interactions to support creators’ earnings. Armstrong added that during the SocialFi experiment, some posts racked up thousands of dollars in on-chain value, but the overall model hasn’t yet evolved into a sustainable product.
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The Fat Penguin team has deposited $3.12 million worth of PENGU into Binance.

March 4th — Per Onchain Lens monitoring, the Pudgy Penguins team transferred 4.5 billion PENGU tokens (valued at $3.12 million) to Binance 7 hours ago.

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Vitalik: As Government and Corporate Control Expands, Ethereum Must Build 'Shielded Technology'

**March 4: Vitalik Calls for 'Sanctuary Tech' Ecosystem Beyond Ethereum Finance** Vitalik wrote in a post on March 4 that amid growing government and corporate oversight, Ethereum — despite prioritizing freedom and privacy — has failed to meaningfully enhance users’ real-world freedom and privacy. He called for building a "sanctuary tech" ecosystem: open-source tools that boost resilience against external pressures, stressing Ethereum shouldn’t be confined to finance. Vitalik noted: "Cryptocurrencies shouldn’t aim to be the next Apple or Google. Instead, we need to build our own 'sanctuary tech ecosystem' — a shared, ownerless digital space that does more than just enable open finance. We need to actively develop a full-stack ecosystem: expanding upward to wallets and app layers (including AI as an interface) and downward to operating systems, hardware, and even physical/biometric security layers."

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OpenAI Senior Research Scientist Moves to Anthropic

On March 4th, Max Schwarzer—OpenAI’s lead researcher for inference models—announced his departure from OpenAI and move to Anthropic in a post on X. Schwarzer was an early contributor to OpenAI’s o1 inference model. He led post-training for o1 and o3, and over the past year, he has headed the entire post-training team, delivering GPT-5, 5.1, 5.2, and 5.3-Codex. Schwarzer stated that upon joining Anthropic, he will focus on reinforcement learning research.

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Circle has minted 1 billion USDC on Solana in the last 10 hours

**March 4 — Onchain Lens data indicates Circle minted 1 billion USDC on Solana over the past 10 hours.** **Cumulatively, the firm has minted 23.75 billion USDC on the Solana blockchain since 2026.**

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Mizuho Bank Analyst Upgrades Circle Price Target, Believes Soaring Oil Prices and Rate Outlook Favor Stablecoin Trading

March 4 — Per The Block, Mizuho Bank analysts have raised Circle’s target stock price to $100 (from $90) and maintained a “Neutral” rating, citing geopolitical tensions driving up oil prices and diminished rate-cut expectations. The analysts note that shifts in interest rate expectations may impact Circle’s valuation multiple more than short-term revenue gains. Circle’s primary revenue stems from interest income on its USDC reserve assets. Surging oil prices have stoked inflation concerns, with markets now pricing in no rate cuts in 2026 — a development favorable to locking in stable interest income. Despite the positive macro backdrop, the analysts warn that clarity on stablecoin regulation could intensify market competition and potentially compress industry profit margins over the long term.

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Coinbase to Add Limitless (LMTS) to its Coin Listing Roadmap

March 4th Official Announcement: Coinbase Adds Limitless (LMTS) to Listing Roadmap Trading launch is subject to market making and technical requirements; no specific timeline has been set yet.

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