The SocialFi Era 🫂
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The SocialFi Era 🫂
Wondering why everyone's raving about SocialFi? Powered by Web3, SocialFi ensures you retain control of your content, earn from interactions, and transact seamlessly. Sign of times to come?
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So, you've heard about SocialFi and you're wondering …
What's the hype?
Well, imagine if social media and finance had a baby.
That's SocialFi.
It's the hero content creators have been waiting for, allowing them to take control, monetise their creation, and connect with fans without the middleman.
With SocialFi, you're not just posting; you're earning.
We're talking tokenised social vibes, secure data storage via blockchain, and everyone gets a say through decentralised autonomous organisations (DAOs).
Web3 + social media
With Web3, it's not just about changing how we pay or trade; it's about taking the power back.
Think of a world where you rule your social media data and don't need to pay a "toll fee" for every transaction.
SocialFi bridges these two worlds, enabling users to tap into DeFi services directly from their favourite social media platforms.
Imagine scrolling through your Twitter feed and, with a simple click, accessing a DeFi platform to lend your crypto assets, or even tip your favourite content creators.
Here's how SocialFi is making this possible
Decentralised Identity: SocialFi projects are developing decentralised identity solutions that allow users to securely link their social media profiles with their blockchain addresses. This creates a seamless connection between your online identity and your crypto wallet.
Integration with Social Platforms: Some projects are working on integrating DeFi services directly into social media platforms. For instance, a Twitter bot could handle transactions for tipping and donations, all powered by blockchain technology.
Social Tokens: Social tokens are unique tokens tied to specific social media influencers or communities. These tokens can be used for various purposes, such as accessing exclusive content or participating in community governance.
The Benefits of SocialFi?
Secure Storage: All data in SocialFi gets a secure spot on the blockchain. This decentralised approach means your data isn't at the mercy of centralised firms, minimising risks of misuse.
Earn as You Engage: It's not just for content creators. Everyone on SocialFi can earn token rewards, whether you're publishing content or just actively engaging.
Reduced Intermediaries: By bypassing traditional financial intermediaries, SocialFi can reduce fees and increase the efficiency of financial transactions.
Quality Over Quantity: There's a tangible incentive for quality content with SocialFi's tokenised attention system. It pushes for interactions that truly resonate.
Ownership Assured: With SocialFi, what you upload remains unmistakably yours. It's a platform that respects and reinforces content ownership.
Stable Platforming: Governance isn't arbitrary here; it's directed by a DAO. This ensures fewer unpredicted de-platforming incidents.
A Space for Free Speech:
SocialFi's design inherently supports freedom of expression, mitigating excessive censorship concerns.
Who's rocking the SocialFi scene?
Friend.tech 🌐
A dominant player in the SocialFi world, Friend.tech uses a unique bonding curve pricing model, offering a centralised hub for liquidity in the SocialFi ecosystem.
Read: Who is a friend?
Post.tech 🐦
A rising contender in the space, Post.tech (on Arbitrum[ARB],) entices users with a user-friendly interface reminiscent of Twitter, coupled with a transparent Airdrop program.
Stars Arena ⭐
Operating on the Avalanche network, Stars Arena offers innovative ways for users to monetise their content and has shown resilience despite facing challenges, earning significant support from the Avalanche community.
SocialFi platforms saw significant growth recently:
All's not going great though.
Once the golden child of the SocialFi world, Friend.tech had everyone talking. But in a digital age where yesterday's news is ... well, old news.
Friend.tech losing traction?
Has the platform lost its edge to up-and-comers?
Friend.tech might have been the crowd fave, but Stars Arena and PostTech weren't sleeping. While Friend.tech enjoyed massive daily users, our two competitors wooed with huge transaction rates.
Friend.tech's dominance remains evident with its commanding 93% of the market share in daily trading volumes.
This significant lead poses a challenge for its competitors.
In the underlying protocols, Arbitrum outpaces its competitors.
Its performance in daily activities and in the decentralised finance (DeFi) sector positions it ahead of both Base and Avalanche.
As much as we love SocialFi, it's not all rainbows and unicorns.
Handling data at the scale of giants like Facebook is no small feat.
And while token rewards sound dreamy, it's a delicate dance to keep them valuable and sustainable.
TTD Week That Was 📆
The week SBF went to trial and crypto price on disco tunes.
Saturday: AI in your Google search 👏👊 👀
Friday: Gaming beats the trend 🎮
Thursday: JPMorgan goes crypto-chic 😎
Wednesday: Caroline speaks up 🔈
Tuesday: Wang spills the beans 🙊
Monday: Stablecoin Slide 🛝
TTD Week in Funding 💰
Account Labs. $7.7 million. A Singapore-based wallet provider.
Untangled Finance. $13.5 million. A platform facilitating the tokenisation of real-world assets into on-chain structured credit pools.
Membrane Labs. $20 million. A cryptocurrency-focused trading and lending platform.
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