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What is SocialFi?

October 4th, 2023

SocialFi is a fresh concept that brings together social media and decentralized finance (DeFi).

Facts

  • SocialFi is a new concept that combines social media and decentralized finance (DeFi) principles.
  • The goal is to create, control, and own social media platforms and the user-generated content hosted on them.
  • It’s different from Web 2 platforms like Facebook and Twitter because people get rewards for being engaged and involved.
  • SocialFi addresses Web2 social media design issues like censorship, uneven incentives, and digital ownership.
  • Monetization happens in crypto.
  • The launch of the Base L2 chain started the SocialFi trend, which led to the rise of friend.tech.
    The website lets users trade profile “keys,” and an airdrop will encourage Crypto Twitter trading.

Examples 

The current top five platforms according to DefiLlama are:
  1. friend.tech uses Base and $ETH
  2. Stars Arena uses $AVAX
  3. post.tech uses $ARB
  4. fan.tech uses $MNT
  5. friendroom uses $ETH

Addition

Some more examples:

Friend3, Tip Coin, Luxworld.

Here you will find a great thread by Quivira Ophir.

If you want to engage with me on Stars Arena, just click here.

Of course, no financial advice.

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