The reasoning here is interesting

Imagine linking your bank statements to Facebook. This is not how we onboard the masses. This is how you build a dystopian, mass surveillance network

I agree. However, the key issue is that Ethereum's bank statements are currently openly accessible and readable to anyone. That's the issue, not that we're building social features around wallets.

I think social wallets make more sense when they're just one of multiple wallets you own.

So you have these non-doxxed bank account style wallets. And a social wallet with NFTs, POAPs, and onchain activity that's supposed to say something about you, your preferences what you stand ford and so on.

IMO, there have been precedents for this in China's Web2 landscape. WeChat itself is a social platform, and WeChat Pay has thrived because of WeChat's vast user base, with its payment features being very straightforward and clear, which contributed to its popularity. On the other hand, Alipay, which competes with WeChat, also attempted to incorporate social features but ultimately did not succeed. Interestingly, though, Alipay's various mini-programs have proven to be quite useful, including convenient payment options, identity verification, movie ticket purchasing, and more. In my opinion, while Alipay's efforts in social networking may have failed, its mini-programs have certainly not, somewhat akin to how Farcaster’s frame has been integrated into Coinbase Wallet. I hope this case study proves helpful, and if anyone is interested, they can look up this well-known example from the competitive landscape of Chinese Web2.

Hey Aaros, thanks for your perspective! That makes me think that there shouldn't be a problem with connecting financial and social layer IF we have privacy on Ethereum. Then, even if you store majority of your funds in one wallet, most people won't know it unless you let them. Just like - I imagine - on WeChat where you friends can't check your bank accounts.