The biggest hype word over the past few months has been “SocialFi.” We noticed a trend early on and started collecting airdrop points by referring them to Friend.Tech. Today we have an overview of similar platforms on various blockchains.
Are you ready?
Let’s dive in.
What is SocialFi?
Let’s start with the obvious: what exactly is SocialFi?
SocialFi combines decentralized finance principles with the social media realm, giving content creators power over their data and enabling direct engagement with their audiences.
For simplicity, call it web3 social media or my personal favorite, “I guess it’s just fans for influencers.”
Why is it interesting? People buy your shares (or “keys”) to chat with you, and you get a share of the commission the platform receives. The more your keys trade, the richer you will be.
1) Based on Friend.Tech / Ethereum
The largest and best known is Friend.Tech. About a month ago we gave you a strategy on how to collect points. If you missed it, take a look as it may be relevant to other chains as well.
Although it is a pioneer in this new trend, the platform lacks a good UI and has limited features.
To get started, you’ll need to be referred via an invitation code. There are 3 available here (ft-5wne0h72 , ft-cagxmup8 , ft-ogvt247z) But if one reader is faster, I suggest you search for the Friend.Tech code on Twitter. I’m sure you’ll find a new code then.
According to Defi Lama, Friend.Tech’s total TVL exceeds $40 million. At its peak, this amounted to a whopping $50 million.
You can find all the airdrop details in the list we published in August.
2) New Bitcoin City – SocialFi on BTC
New Bitcoin City (NBC) marks a significant step forward in reshaping the Bitcoin landscape, blending the creative excellence of the Generative Village with the financial advancements of the DeFi District.
They are currently being reorganized into an aggregator of sorts to allow trading across multiple SocialFi apps within one platform.
According to Defi Lama, New Bitcoin City’s total TVL is close to $3 million, which means we’re in the fairly early stages of this.
You can find all airdrop details in our listings. The NBC app offers a bonus % of the commission you earn from friends who refer you to the platform.
3) AVAX’s Stars Arena
Stars Arena is a cutting-edge SocialFi trading platform on the Avalanche blockchain where users can support X creators. It handles transactions with $AVAX, integrates a user-friendly wallet, and provides options for external fund management.
A smart contract was compromised two weeks ago. Hackers were able to drain funds from the platform. Afterwards, Stars Arena carried out security upgrades, contract audits, and refunds to users.
As you can see, Stars Arena’s TVL took a huge hit after the hack and is currently working to regain the trust of the community. Still the best option for the Avalanche.
You can find all airdrop details in our listings. Stars Arena, like NBC, shares a referral fee with you.
4) Post.Tech by Arbitrum
Post.Tech is an innovative Web3 social network built on Arbitrum, where X profiles evolve into valuable assets and digital interactions turn into financial gains. Users can buy and sell profiles, actively trade, and earn 5% rewards in $ETH trading fees.
As you can see, this is the little brother of all Social Fi options. With a $177,000 TVL you can say you will be one of the earliest mfers. However, it is on Arbitrum, a blockchain that is growing in popularity. These have the potential to grow together.
You can find all airdrop details in our listings.
Closing Thoughts
We are still in the early stages of SocialFi and are witnessing the growing pains of this new concept. If this trend continues into a bear market, we believe we will see a multiplier in TVL on each chain.
Additionally, more platforms will emerge on various chains such as Solana and Polygon, and even more on Ethereum. Get everything ready to collect airdrops and hedge your bets.
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Don’t forget to check out our latest content on NFT bear market winners and Bitcoin white paper birthdays.
