The biggest hype word of the last few months is “SocialFi”. We caught the trend early on and introduced ya’ll to Friend.Tech to start farming some Airdrop points. Today we’re here with an overview of similar platforms on different blockchains.
Are you ready?
Let’s dive in.
What is SocialFi?
To start with the obvious, what is SocialFi exactly?
SocialFi merges decentralized finance principles with the realm of social media, granting content creators authority over their data and enabling direct engagement with their audience.
In short, call it the web3 social media, or my personal favorite “It’s like Only fans for influencers”
Why is it interesting? People buy your shares (or “keys”) to have a conversation with you, and you get a % of the commission the platform takes. The more trading volume your keys get, the richer you will become.
1] Friend.Tech on Base / Ethereum
The biggest, and most well-known is Friend.Tech. About a month ago, we laid out a strategy for you on how to farm the points. If you missed it, I suggest you still have a look at it could be relevant to the other chains as well.
It is the pioneer of this new trend, however, the platform lacks a good UI and the features are limited.
To get started, you need to be referred with an invite code. We have 3 here that you can use (ft-5wne0h72 , ft-cagxmup8 , ft-ogvt247z) , but if one reader is quicker I suggest you search for Friend.Tech codes on Twitter and I’m sure you’ll find a fresh one
According to Defi Lama, the total TVL on Friend.Tech surpasses $40 Million. At their peak hype, this was a smudge above $50 Million.
You can find all the airdrop details in our listing we published back in August.
2] New Bitcoin City – SocialFi on BTC
New Bitcoin City (NBC) marks a significant evolution in reshaping the Bitcoin environment, where the creative excellence of Generative Village harmonizes with the financial advancements of the DeFi District.
They are currently reshaping to be somewhat of an aggregator, allowing you to trade on several SocialFi apps within one platform.
According to Defi Lama, the total TVL on New Bitcoin City is nearing $3 Million, which makes it seem we are fairly early on this one.
You can find all the airdrop details in our listing. The NBC app gives you a % of the fees from friends you refer to the platform as a bonus.
3] Stars Arena on AVAX
Stars Arena is a cutting-edge SocialFi trading platform on the Avalanche blockchain, enabling users to support X creators. It handles transactions with $AVAX, integrates a user-friendly wallet, and provides options for external fund management.
2 Weeks ago, the smart contract was compromised. A hacker was able to drain funds from the platform. Since then, Stars Arena had its security upgraded, contract audited, and refunded users.
As you can see, the TVL of Stars Arena took a big hit after the hack, and they are now trying to regain the trust of the community. It’s still the best option on Avalanche.
You can find all the airdrop details in our listing. Stars Arena also shares a referral fee with you, similar to NBC.
4] Post.Tech on Arbitrum
Post.Tech is a revolutionary Web3 social network built on Arbitrum, where X profiles evolve into valuable assets, and digital interactions translate into financial gains. Users can buy and sell profiles, trade actively, and earn a 5% reward from $ETH trading fees.
As you can see, it’s the little brother of all the Social Fi options out there. With $177k TVL you can say you will be one of the earliest mfers out there. However, it’s on Arbitrum, a blockchain that is growing in popularity. There’s a chance these can grow hand in hand.
You can find all the airdrop details in our listing
Closing Thoughts
We’re still in the early stages of SocialFi and we are witnessing the growing pains of this new concept. If this trend continues into the bear market, I believe we’ll see multipliers of the TVL on each chain.
We’ll also see more platforms pop up, on different chains like Solana and Polygon, and most likely more of the same on Ethereum. Be ready to grind them all if you want to farm the airdrops and hedge your bets.
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Don’t forget to check our recent content about the NFT bear market winners and Bitcoin’s Whitepaper birthday.
