Top 8 Popular SocialFi Projects You Should Not Miss in 2024

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Top-8-SocialFi-Projects

Get to know the top 8 popular SocialFi projects that are attracting thousands of daily users. Discover their key features and how they benefit Web3 users in various ways.

SocialFi revolutionizes the digital landscape by seamlessly integrating traditional social media (Web2) with decentralized finance (DeFi). It offers a free and decentralized environment for social media users, enabling them to monetize their interactions.

Before we dive into the top 8 popular SocialFi platforms you should not miss in 2024, you might want to explore our previous article for a better understanding.

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8 Best SocialFi Platforms to Use in 2024

  1. Galxe
  2. Friend.tech
  3. Dmail Network
  4. Hooked Protocol
  5. Lens Protocol
  6. Post Tech
  7. QuestN
  8. Farcaster

SocialFi: Bridging Social Media and Decentralized Finance

SocialFi is the fusion of social media activities and decentralized finance (DeFi) within the Web3 space. It’s emerging as a trend due to a saturated market seeking fresh innovations, with Binance leading the way and addressing some limitations of Web2 social media platforms.

However, SocialFi projects still face challenges in terms of privacy, legal considerations, accessibility, scalability, competitiveness, and real-world applicability.

Read more: What is SocialFi? An Overview of SocialFi Landscape in 2024

Top 8 SocialFi Projects You Should Know in 2024

Criteria for Selecting Top SocialFi Projects

There are various purposes for a SocialFi platform to serve its . Here are the criteria that we align on to select standout SocialFi projects for this article:

  • An existing product with over 10,000 unique active wallets (unique active users) in 30 days. The data is provided by DappRadar.
  • At least 10,000 followers on Twitter.
  • Regular updates on Twitter (at least one post per week).
  • Web3 products or Web2 projects that incorporate some Web3 features

Let’s discover the top 8 noteworthy SocialFi platforms making waves this year. More notable projects provide a wide range of services in the landscape.

1. Galxe

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Galxe is the leading Web3 credential data network in the world as a collaborative credential infrastructure enabling brands and developers to engage communities and build robust products in Web3.

Current authentication data is fragmented across closed databases owned and controlled by apps, governments, and financial institutions. Galxe aims to empower developers and organizations to leverage digital authentication data and NFTs, deliver quality products to users, and foster a stronger Web3 community.

Galxe Solutions:

  • Galxe Community Missions: Data curators are anyone who participates in community missions by connecting their wallets and completing quests to earn rewards. Their verified information is utilized in Galxe’s application modules, Oracle authentication tools, and authentication API.
  • Incentive Model for Data Curators: Each authentication data set has a revenue stream distributed proportionally among data owners. Curators can purchase stakes in data sets based on their bonding curve.
  • Network effect: more authentication data attracts more developers, encouraging more curators to contribute and profit. A mutually beneficial relationship for both curators and the project drives continuous growth.

Since its launch in 2022, Galxe has attracted over 11 million unique users, and propelled their growth of Optimism, Polygon, Arbitrum, with more than 3000 partners in the reward-based loyalty programs.

2. Friend.tech

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Friend.tech is a Web3 social media application built on Layer 2 Base, leveraging user data from X (Twitter). This means new users won’t need to set up their profiles from scratch when joining.

Thanks to innovative mechanisms and the participation of celebrities, Friend.tech quickly amassed 600,000 users, with over 256,000 ETH deposited and a trading volume nearing 7,000 ETH.

Key Features:

  • Private Chats with Celebrities: Essentially, Friend.tech allows users to chat privately with Key Opinion Leaders (KOLs). However, to chat with any KOL, users must purchase that KOL’s “key.”
  • Key Exchange: Key in Friend.tech functions like a token representing a share of KOL. Its data is stored off-chain. Its supply fluctuates based on market demand. Although KOLs issue these keys, they can’t mint but buy them on the market like regular users.

Opportunities with Friend.tech:

  • Invest early in Keys of major KOLs at a much cheaper rate.
  • Become a KOL by providing quality content and earning transaction fees from Key trades.
  • Potential future airdrops when the project launches its token.

Risks with Friend.tech:

  • Scams: There’s a risk of impersonators posing as famous KOLs to lure people into buying keys. Users should verify before making purchases.
  • Security Concerns: The platform is relatively new and hasn’t undergone a security audit, so potential security and information risks might arise.

3. Dmail Network

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Dmail is a decentralized email app built on Dfinity but also compatible with various blockchains like Ethereum, BNB Chain, Polygon, and more. It lets users interact and share information in the Web3 space. According to DappRadar, Dmail has served 473,400 users in the last 30 days, with over 2.18 million transactions.

Dmail offers these products:

  • Mail: Like traditional email apps, Dmail allows sending and receiving emails and attachments. Unique features include sending assets like tokens and NFTs in anonymous or blockchain ID modes. Users link their wallets for login and use nicknames for private communication.
  • NFTs: Dmail Network offers a collection of NFTs purchasable with identity tokens, and holders will gain access to an exclusive club.

Dmail stands out with the following advantages:

  • Enhances user security and privacy.
  • Allows users to send emails (including attachments) to traditional email addresses and vice versa.
  • Upon joining the application, Dmail integrates a wallet capable of storing and sending ICP tokens and NFTs (directly airdropped into the user’s Dmail wallet).
  • Managed by the community through a DAO (Decentralized Autonomous Organization).
  • Rewards users with points through app activities are exchangeable for rewards.

4. Hooked – A Glimpse into SocialFi on BNB Chain

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Hooked Protocol is a notable project in the SocialFi (Social Finance) realm on the BNB Chain. It establishes a layer connecting users to the Web3 world, offering products that allow users to “Learn & Earn.” They can complete tasks or “quests” to earn rewards.

Hooked sets forth tasks that facilitate user access to Web3 through a diverse and gamified product suite, delivering substantial value, including economic benefits:

Highlight flagship: Wild Cash

This is their flagship product at the moment. Wild Cash is a “Quiz to Earn” platform where users can participate and utilize app features (answering quizzes, playing mining games) to earn token rewards. The project also integrates on-chain infrastructure. Since its launch three months ago, it has achieved:

  • Release on CH Play Indonesia, consistently hitting top trending in that market.
  • A Monthly Active User (MAU) count of 2.5 million, with approximately 50,000 new users daily. According to DappRadar, Hooked ranks as the top SocialFi project in terms of a 7-day user count (361,000 users).
  • A 90% participation rate in quizzes by new users.

Gamified Learning Journey

Creative content is gamified on Hooked, such as short videos from Hooked Academy, community-founded DAOs, and user-friendly web3 sectors like NFTs, GameFi, and other “Quiz to Earn” apps like Wild Cash.

Web3 Tools

Hooked Protocol offers tools that enhance user convenience in web3 utilization.

  • Hooked Soulbound Token (Hooked SBT): Acts as a web3 “passport” since it can only be minted once and cannot be transferred between accounts.
  • Hooked Wallet: A crypto wallet that aids users in storing assets and making transactions using Hooked Protocol products.
  • On-chain Data Storage: All project data and information are stored transparently on the BNB Chain, accessible to the entire user base and community.

5. Lens Protocol – A Web3 SocialFi Ecosystem

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Lens Protocol is a Web3 SocialFi network ecosystem built on the Polygon blockchain. It’s designed to empower creators by giving them ownership of the connections between them and their community, forming an entirely new user-owned social graph.

Since users own their data, they can integrate it into any application built on the Lens Protocol ecosystem. Moreover, each dApp using the Lens Protocol benefits the entire ecosystem, fostering a collaborative relationship among the dApps for mutual growth.

Currently, There over 50 applications have been built on Lens Protocol, with more than 300,000 users participating in its ecosystem. This underscores the significant appeal that the Lens Protocol ecosystem offers to its users.

Highlights:

  • Founded by the creator of Aave – a significant lending project in the DeFi market.
  • Massive modular protocols for video, community and content creators, including Lenster, Lenstube, and ReMeme.
  • They’ve mastered creating scarcity, sparking community curiosity.
  • They have a strategic approach to ecosystem development.

Within the Lens ecosystem, Lenster and Lenstube are the most active applications, both supported by Lens Protocol:

  • Lenster: A social network for posts, similar to Twitter, with features like posting, sharing, and messaging.
  • Lenstube: A video-focused social platform reminiscent of TikTok and YouTube.

Both projects require a Lens domain for access. Currently, users cannot monetize on Lens. However, in the future, your posts on Lenster might be consolidated into NFTs for profit earning, or various monetization models to create an economy around these applications.

5. Post.Tech

While friend.tech is currently limited to mobile, and not so friendly with desktop users, Post.tech is introduced to address this gap and offer additional enhanced features.

Post.tech aims to become a web3 social platform similar to friend.tech, offering key trading, earning 5% fees from key ownership, and engaging with KOLs. It also introduces:

  • Content interaction: Users can earn points and ETH by creating high-quality content and staying active.
  • Key holder benefits – Key owners earn a 5% fee from other users’ key transactions.

Another notable difference is that friend.tech rewards users with points for app interactions. In contrast, post.tech offers a direct airdrop mechanism distributed based on clear activity ratios. You can earn Points by taking actions on both the post.tech and Twitter (X) platforms:

  • On post.tech: Create and engage with posts.
  • On Twitter (X): Tweet or reply with “@PostTechSoFi, #posttech, and $post” to earn points.

Based on total points earned, post.tech will airdrop rewards in phases. As per the platform’s calculations, users can earn up to $5 for a post on post.tech and a tweet on Twitter (X) when they meet specific conditions, excluding points from interactions and views.

6. QuestN

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You cannot miss this project if you love airdrops and giveaways. QuestN, a Web3 community-building and marketing tool developed by Hogwarts Labs, enables projects to gather and analyze user data for valuable insights.

QuestN has two types of products:

  • Business Portal (B-end): designed for projects and communities. QuestN offers diverse on-chain and off-chain tasks, serving as an advertising and landing page service provider. Token/NFT/Whitelist/Discord roles serve as incentives.
  • User-end (C-end): designed for users. You can earn those rewards by participating in QuestN tasks and events. Consistent engagement can unlock higher-level tasks with greater rewards. To participate and earn rewards on QuestN, you need to link their Metamask, Discord, and Twitter accounts.

Impressive QuestN achievements in the past 8 months:

  • Registered users: 2+ million
  • Communities using QuestN: 21K+
  • DAU (Daily Active Users): 80K+
  • MAU (Monthly Active Users): 600K+
  • Task templates and events: 100+

7. CyberConnect – The Return of Coinlist & Binance Launchpool

CyberConnect is a decentralized social graph protocol developed on the Ethereum, BNB Chain, and Polygon ecosystems. Its primary aim is to offer a Social Graph Module infrastructure for Web3 applications, allowing developers to integrate this module into their apps.

Currently, Link3 stands as the flagship product on CyberConnect. It’s a web3 platform built upon CyberConnect, launched on July 19, 2022, and designed to simplify user profile sharing and introductions within the web3 space.

The CyberConnect ecosystem boasts over 70 projects, encompassing social media applications and DID (Decentralized ID), communication protocols, and community management apps. Recent updates indicate that CyberConnect has attracted over 1.2 million users to its ecosystem.

8. Farcaster – Decentralized Social Network Developed by Ex-Coinbase Team

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Farcaster is a decentralized social network that leverages the benefits of blockchain technology. It offers secure and scalable user identity management, real-time and widespread updates, and decentralized access to all network data.

Farcaster is structured in two layers:

  • L1 Blockchain: Manages user identities securely and prevents impersonation.
  • L2 Delta Graph: Utilizes delta graphs to achieve consensus, forming a decentralized storage network.

Every user on the Farcaster social network has a unique identifier, which consists of:

  • Farcaster ID’s (FID): a user’s unique identification code. Every user on the Farcaster network has a distinct FID.
  • Farcaster Names: Also referred to as “fname” or the user’s display name. Users can choose any name to display on the Farcaster social network.
  • ECDSA Key Pair: This includes a public key and a private key. Users employ this key pair to sign messages, ensuring authentication and preventing impersonation.

Conclusions

The blockchain industry constantly sees new narratives emerging. SocialFi is among the recent trend that has drawn community’s attention. Empowering creators and democratizing value are value statements that can make SocialFi a popular trend. However, responsible adjustment and usage are crucial. We need to achieve a delicate balance between gaining benefits and reducing potential risks.

As the ecosystem evolves and we address the challenges of SocialFi, everyone can expect the potential of SocialFi to change the way we interact online. Above are our top picks of the most popular SocialFi projects you should try out in 2024.

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Disclaimer: This article serves informational purposes only and does not constitute financial advice. Conduct your own research before making investmendecisions.