Twitter took 5 years to reach 100M users. Facebook took 8 years to reach 1B, and has been around 19 years. SocialFi is a relatively new concept gaining momentum in the crypto space Are we at the dawn of SocialFi? What does the SocialFi Landscape look like in 2023?
In this thread, we will be covering:
- Sectors and Notable Projects
- Achievements and Highlights
- SocialFi Next Trend
Sectors and Notable Projects
The SocialFi ecosystem is rapidly expanding with various sub-segments. Broadly speaking, we can categorize it into 3 main layers:
1/ Network, Storage and Data
2/ Social Infrastructure
3/ Application Layer
Network, Storage, & Data
SocialFi dApps are primarily built on Ethereum, BSC, and L2s like Base, Arbitrum. However, we're noticing a growing trend of SocialFi on Solana & Avalanche. Besides, some blockchains specifically built for SocialFi @desoprotocol @SubsocialChain
SocialFi apps can store data directly on the blockchain, use decentralized data storage services, or both.
@IPFS @ArweaveEco and @Filecoin have been long-standing names in decentralized data storage. While @graphprotocol is integrated to many Dapps for data organization.
Social Infrastructure
The core layer of the SocialFi ecosystem, including the foundational infrastructure for SocialFi's dApps. The key element is the Social Graph, which manages each user's social diagram. Notable dApps: @CyberConnectHQ @LensProtocol @farcaster_xyz
The 2nd sub-category within Social Infrastructure is User Identification protocols, known as “Identify.” Notable projects in this sector include @ensdomains @SpaceIDProtocol @unstoppableweb
POAP projects, standing for "Proof Of Attendance Protocol", also enhance user identification by providing evidence of participation. If you're looking for incentivized community events to join in, you should not miss out on those on @Galxe @QuestN_com @layer3xyz @taskonxyz
Additionally, there are tools to facilitate the transition from Web2 to Web3. A prime example is the @realMaskNetwork which gained significant attention due to its rapid growth late last year.
Application Layer
The Application Layer is the most exciting aspect of SocialFi, not just because of its diversity but also because it drives user engagement in the ecosystem. This layer is quite varied, and we’ve categorized it based on the use case of the protocol
Achievements and Highlights: @LensProtocol revolutionizes social reputation with a unified social graph across multiple applications. Noteworthy stats: - Monthly transactions surged to 4.2 million - Active user count reached an all-time high of 30k in February.
@friendtech is a unique SocialFi app on BASE for trading KOL "keys", with private chat, airdrops, and fee sharing. It surged in popularity, with 100k+ users and $25M generated in 2 weeks. As of October 2, TVL exceeded 30k ETH.
Next Trend
➤Deeper adoption from big Web2 corps: NFTs accepted, open-sourced, transparent revenue-sharing scheme, more integrations (X, Threads, Reddit & Telegram) ➤Top VCs focus on SocialFi seed investments @BinanceLabs @SolanaVentures @paradigm @cbventures
So, do you think we’re at the dawn or dusk of SocialFi? And how long will it take for SocialFi to acquire its first 100M users? Hopefully, you’ve grasped an overview of SocialFi landscape in 2023 Let’s watch it grow and find your favorite projects to explore further
