An overview of the SocialFi ecosystem: social, DAO and governance tools

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The SocialFi track is still in the early stages of development, and most ecological participants use social tokens as the basis for concept divergence and technical updates.

Original Title: “Inventory of 42 Projects on the SocialFi Track: Social, Ecology, DAO and Governance Tools丨Industry”
Written by: Blocklike

Blockchain + social is an interesting track that always attracts developers to keep trying.

As one of the hot spots in the industry, the social token ecosystem is constantly developing and growing. After 2020, the DeFi era begins. Under the influence of open finance concepts and liquid mining methods, SocialFi has also begun the transition from “Social + Finance” to “Social + DeFi”.

After the advent of the DeFi era, NFTFi and GameFi have exploded one after another, and SocialFi has been placed high expectations by the community. In fact, in the first half of 2021, many new projects of the SocialFi concept are joining this track.

At present, the track is still in the early stage of development, and most of the ecological participants are based on the social token (Social Token) to carry out concept divergence and technical updates. Among most statistical platforms, there are still relatively few platforms that classify the concept of SocialFi alone, and some projects often overlap with concepts such as NFT and GameFi. On the Coingecko platform, a total of 33 social tokens are included in the clearer “Social Money”; on the Zerion platform, a total of 18 social tokens are included in the classification of Social Token.

Blocklike organizes comprehensive multi-channel public information, sorts out the main participants in the existing SocialFi ecosystem, and displays the latest appearance of the social token ecosystem.

Definition and classification

The SocialFi track project is organized based on the following definitions and classifications:

Social Tokens are defined as “a token supported by a personal reputation, brand or community”. Social Tokens are built on the premise that the value of the community will continue to increase. Among them, casting and distribution, and content capitalization are more mainstream project concepts.

Social projects manage the communities they create by issuing coins. They can divide the hierarchy according to the activity and contribution of users in the community and enjoy tokenized rights to increase the benefits of creators, cultural producers, and related participants. Many tools are currently available for support.

Most social tokens are based on ERC-20, and mainly carry out technical extension and project innovation from the four main directions of distribution mode, asset preservation, token model, and community management.

In terms of function, personal tokens, community tokens, and social platform tokens are the main categories. Under a more detailed classification, social platform tokens tend to emphasize the value circulation within the platform, and social tokens emphasize the services and value provided by individuals. Dao organization, liquidity mining and other methods have also promoted the development of community tokens, and many projects have also overlapped with other concepts.

At present, the distribution of existing social tokens involves personal financing, private communities, fan economy, platform subscriptions, sports entertainment, personal funds, community brands, and so on.

SocialFi Ecological Overview

Personal token

RAC is a fan token launched by Grammy Award winner DJ RAC (André Allen Anjos) based on Ethereum. Holding the token allows users to enter the exclusive Discord channel and have the opportunity to obtain airdrops and receive unpublished content in advance. In addition, holders of a certain amount of RAC can participate in exclusive privileges such as exclusive product launches held by RAC in digital product trading markets such as Zora or SuperRare.

  • ROLL (Creator Token)

Roll is one of the established social token issuing platforms. Under the platform issuance model, Roll will create ERC-20 tokens on behalf of users, that is, issue personal social tokens for content creators. The supply of each personal social token is 10 million, of which 2 million will be issued directly For content creators, 1.2 million pieces belong to the Roll platform, and the remaining part will be unlocked linearly every month for three years. At the same time, ROLL also provides a storage and trading platform.

Currently, 200 content creators have issued their own social tokens through ROLL. However, in the first half of this year, the event that 3000 ETH was stolen by hackers on the Roll platform triggered discussion, and to a large extent suppressed the enthusiasm of the entire market for social tokens.

Whale is a well-known personal token, issued by the individual buyer WhaleShark based on the Roll platform. The value of its tokens is based on the NFT assets held by WhaleShark himself, and the valuation can be checked on NonFungible.com. Whale allocates 50,000 tokens every month to acquire NFTs, donate to artists, team salaries, community activities, etc., and record them through Discord, one of the mainstream overseas social platforms.

In addition, creators can earn WHALE by staking their NFT works, and they can also sell their works on Opensea with Whale prices.

RALLY, one of the early well-known social token issuing platforms, is characterized by combining its native governance token RLY with the creator’s social tokens and minting them into new personal tokens. The conversion of personal tokens must go through RLY . The platform covers the entire process of issuance, channels, deposits, and transactions. Rally uses Layer 2 solutions to optimize real-time transactions and other mechanisms. The token holder has management rights to Rally Network.

Currently, RLY can conduct liquid mining on Uniswap and Balancer.

The personal token issuance platform MeTokens is also known as “Stake on Me”. Users can create their own meTokens on this platform, or buy other people’s meTokens. The idea is to “invest in the future of the individual and benefit from the appreciation of the individual.” In this platform, personal tokens are exchanged through pledged tokens (such as ETH). The total supply of single-person MeTokens and the number of pledged tokens in reserve are fixed, so personal tokens can always redeem part of the pledged tokens.

MeTokens has completed the pre-Seed round of financing this year and has now launched an App version.

MintGate is an Erc20 personal token issuance platform. Most personal token issuers distribute to fan groups through Twitter and become the access token for related communities. Fans with a specified number of tokens can get different service experiences.

MintGate related content can be hosted on Filecoin. Currently, it is also cooperating with Matic Network.

ALEX may be the earliest exploration of social tokens. Founder Alex Masmej issued this token to raise enough funds to move to San Francisco to continue working in the crypto field. He raised $20,000 from the “first ALEX issuance”. This approach was unprecedented at the time.

Community token

Community content financialization

Mirror cuts in from the perspective of content financialization and provides a platform that allows each article to have “NFT + governance” attributes, and these contents can be invested, traded and governed. Creators who meet the requirements can initiate crowdfunding under the article, and users can obtain it when participating in the crowdfunding. Each transaction of the NFT share token “Article NFT” is linked to investor dividends. In addition, the invitation token “WRITE” is used to create a column, and holders have the right to vote. Under certain platform preset conditions, “WRITE” can also serve as an admission certificate.

Mirror’s NFT token minting is done with the help of the Zora platform. Since the founder of the platform was created by Denis Nazarov, the former partner of a16z crypto, it has always been widely followed in the field of social tokens.

v.cent.co is a celebrity social platform that converts celebrity tweets into NFTs and auctions them off. In the transaction, 95% belonged to the original tweet creator and 5% belonged to the platform; in the secondary sale, 87.5% belonged to the seller, 10% belonged to the creator, and 2.5% belonged to the platform.

Yup is a protocol for tracking social activities and behaviors, tokenizing the influence of social activities such as likes and comments on content quality. In the platform, each user and content address (URL link) will correspond to a certain influence score. The platform will assign rewards to more socially valuable content based on user’s likes, evaluations and other social behaviors. Content producers and intermediaries can Earn assets.

Matataki (based on Meta Network) is a social token issuance and content platform denominated in RMB. Fans can use the Matataki platform to buy personal tokens for unlocking articles and other functions. The platform is supported by META tokens, which are also platform governance tokens and can be used for staking.

The platform supports NFT sales and allows creators to airdrop social tokens to their fans.

SWAGG is a diversified social networking site centered on the SWAGG community. The founder is more like doing a “social experiment”. SWAGG has many uses, and token holders can participate in the entire ecosystem built around SWAGG tokens. Including obtaining works of art in the SWAGG network, obtaining airdrop rewards before public sales, providing funding for community-sponsored projects, sharing valuable content for rewards, redeeming tokens for community creation, making suggestions to the SWAGG community and voting, etc. Wait.

SocialToken + Dao organization

Karma DAO is a very typical DAO community, which originated from the social experiments of crypto lovers. It aims to create a community that shares investment opinions, provides insights and suggestions, leads the community, helps projects raise funds, and holds virtual meetings. The main value content of the community lies in information and insights.

Karma DAO has three ways to interact: members hold tokens, peer-to-peer rewards, and wearable NFT. In this community, members need to hold 200 $KARMA to be able to enter private group chats.

FWB is a private social platform based on Discord’s private server, gathering a group of creators and thinkers in the encryption field. Participants need to hold a certain amount of native token $FWB to join this social circle. $FWB has a constant supply of 1 million.

Ark is an investment-oriented DAO organization. Members can create an “ARK” by themselves to convene other members to purchase a specific Cryptopunk; they can also participate in an ARK and get a share of Cryptopunk purchased together.

Seed Club is an incubator of social tokens. The goal is to help create templates for social tokens and make the value of social tokens clearer by cooperating with creators. The organization regularly announces the list of creators participating in the project, and provides financing and support.

Forefront (FF) is a DAO-based aggregator whose main directions are social tokens, NFTs, and DAOs. Within the community, Forefront distributes tokens to members who complete tasks on behalf of the community. These tasks have a wide range, and may include promoting a blog post, designing a POAP (Proof of Attendance Protocol) badge for an event, or building a Discord bot, etc.

Flamingo is a DAO organization focusing on crypto art investment. Its members have the right to jointly decide the NFT artwork to be purchased, and can split the NFT purchased by DAO, lending, mortgage, curating and other activities.

There are certain threshold requirements for becoming a Flamingo DAO, and some ETH must be donated as a condition for joining the conference. Secondly, the maximum number of members is 100.

Social platform token

Casting/distribution platform

Chilliz is a typical social token under the “fan economy”, focusing on the sports industry. CHZ is the original token of Socios, a sports and entertainment fan incentive platform based on blockchain technology. Socios currently cooperates with 48 clubs or partners including AC Milan, Manchester City, Arsenal, Barcelona, ​​Paris Saint-Germain and Juventus to issue fan tokens. Socios.com users can purchase club fan tokens by holding Chiliz. And holding fan tokens can have community voting rights, decision-making rights and other rights.

In this community, fans with fan tokens can vote on the club’s jersey color, stadium music and logo, friendly matches, charity lineup, admission songs, etc., and the voting results are binding. Strengthen user community participation.

Zora defines its agreement as a “universal market agreement for media ownership.” On this platform, creators of art, articles or music can issue their own tokens. Zora is also a cooperative issuer of RAC community tokens.

At present, Zora has created a social media client, and the platform attributes are more biased towards NFT casting.

Circles can issue personal tokens belonging to users and establish social networks based on personal tokens and social trust. Here, two parties who trust each other and whose supply and demand are consistent can conduct personal token currency-based transactions and obtain services from individuals. The focus of the CirclesUBI concept is more social rather than UBI.

The founder and developer Martin of the project is also one of the people who proposed Uniswap’s AMM mechanism, making the project its own aura. At the end of 2020, a large number of users promoted their QR codes in the community and hoped to obtain the Trust of others, allowing CirclesUBI to obtain early user traffic. Official information shows that the number of users in the first half of this year has exceeded 300,000.

Loopss is an infrastructure that performs a programmable social network and derives different application scenarios. The project originated from DoraHacks DeFi Hackathon and was established on BSC. The most basic function of Loopss is: Based on streaming payment technology, individuals can issue their own personal credit currency. The value of credit currency comes from personal credit. The transaction relies on the “trust” of both parties and is regulated by the “exchange rate” and “trust”. The project logic is similar to CircleUBI.

Using LOOP can establish verifiable social relationships on the blockchain, and perform token distribution, governance, and authority based on social relationships. The ultimate evolution direction is community-based capital and DAOs.

Fyooz is a social token issuance platform that assists influential people in issuing personal tokens. The platform is called “star tokens”. Fyooz’s main partners are musicians, singers, athletes or influential people. Most of Fyooz holders can get some “fan privileges”, such as unique opportunities to participate in activities, parties, discounts, and so on.

At present, Fyooz is mainly composed of three modules: trading market, internal community, and NFTs.

Decentralized media platform/application

The overseas head social platform Twitter announced the launch of Bluesky’s “decentralized social media project” as early as 2019, but it was delayed due to various reasons. In August, Twitter CEO appointed former Zcash core developer Jay Graber as the leader to restart the project.

In the Ecosystem Review Report written by Graber for the Bluesky project in January this year, vertical and horizontal analysis was conducted on key topics such as identity, network, data, social, privacy, interoperability, scalability, applications, governance, and business models.

Currently, Graber is forming the Bluesky team, and the “decentralized version of Twitter” still needs to wait.

The decentralized social platform BitClout, the project itself is benchmarked with Twitter, and aims to create a decentralized alternative to Twitter through proof of work and blockchain construction. The platform has increased community hype by passively issuing social tokens to Twitter KOL celebrities, and individuals can have their own Creator Coin and trade. In addition, BitClout has a POW blockchain designed for running social media and a built-in dedicated DEX.

In March of this year, the BitClout social media platform disclosed that luxury investment camps including Sequoia Capital, a16z, and Coinbase Ventures have gradually gained popularity in the industry. Subsequently, as many Twitter celebrities “claimed” BitClout accounts, BitClout’s wealth The effect has increased, opening up the gap with other blockchain social media projects.

Audius, a decentralized music streaming protocol, enables token holders to be directly related to voting weight and value-added services through the native token AUDIO. Audius is committed to closing the distance between music creators and fans.

It’s worth noting that in August this year, Audius Audius announced the establishment of a cooperation with the short video platform TikTok, allowing musicians on the platform to upload and share their works directly to TikTok’s Sound Kit. At the same time, musicians can also refer to the follower links on TikTok. Back to Audius.

Mastodon is an open source social service network service software based on the ActivityPub protocol. It was launched as early as 2017. Its vision is against decentralized Twitter. Through the Mammoth site, users can register, post messages, upload pictures, and chat, just like traditional social networks. However, if the user wants to install one of his own nodes, the steps are very complicated.

Its style is similar to the decentralized remake of the social network of niche forums in the early years. The IOS version of the APP has been launched, and the officially announced number of registered users is more than 4.4 million.

Nafter is a social platform that NFTizes short content. Similar to Instagram, creators can convert the created post into NFT and profit from selling the right to view the post. At the same time, users can also pledge the platform’s native token NAFT or the content creator’s revenue share by staking the personal account of the favorite content creation.

Coinvise is a social token issuance platform focused on APIs, allowing developers to integrate tokens into their existing platforms. On the Coinvise platform, creators or communities can mint social tokens and establish incentives on the Ethereum and Polygon (Matic) networks. At the same time, creators can also use tokens for rewards, airdrops, crowdfunding, access control, NFT, etc. Application scenarios.

Calaxy is located in an open social market. It was founded and incubated by the Brooklyn Nets shooting guard and “jumping man” Spencer Dinwiddie. The founder is also one of the most active athletes in the crypto field. Calaxy’s recent popular activities are related to sports shoes NFT related activities.

Clarion OS is in the early design stage, and its core is a “friend to friend” message dissemination protocol, which supports real-time video and chat between encrypted identities. According to official information, Clarion uses Web Assembly plug-ins to build different types of applications on Clarion OS, including tokens and smart contracts. Clarion OS can be considered as Layer 0.

The focus of this project is mainly: This is the latest choice after the former EOS founder BM resigned from the position of Block.one CTO and left the EOS community. It is also the third project of BM in the social circuit.

Third party

Social tokens have strong social attributes, and third-party tools such as token distribution are often required in project operation, which often overlaps with tools used in other ecological blockchain projects.

Middleware

Mask Network is a relatively special “portal”. Mask did not create a new platform, but bridged Web2 and future Web3 concepts in a “plug-in” way, allowing users to seamlessly connect to existing social networks without migration. Send encrypted messages, encrypted currencies and even DApps (Defi, NFTs, DAO) to create a decentralized Applet (DApplet) ecosystem without the use of centralized servers.

The distribution method of Mask allows ordinary users to further access encrypted assets without changing the current mainstream social platform usage habits. At the same time, Mask has also been given multiple attributes such as private social networking, decentralized storage, DeFi, and DAO.

Tools/Other

It is a Discord and Telegram bot created by the Abridged.io team. It will create a chat group with certain token holding conditions. Users entering the group will be linked to the MetaMask wallet. If users entering the group do not meet a certain number of token standards, they will be kicked out of the group within a few minutes.

The tool has also automatically pulled qualified members into the group and supports snapshot governance voting.

Use off-chain signatures to centralize governance tools for uploading results of total votes

The more commonly used reward bots on Telegram and Discoed can be used to send tokens. This tool uses a centralized server, there is no charge for rewards, and no GAS is required. The usage scenario is usually airdrops in the chat software.

Communifty (formerly DAOFi) is a dedicated DEX based on social tokens established on the basis of the success of KarmaDAO. It aims to help the creation of tokens and bring early liquidity to the community.

Subscribe to blogs that accept crypto tokens.

The platform provides services with a lot of personal tokens, and one of the more well-known ones is JammSession (JAMM), the first social token that is “out of the circle”.

Kickback is a community currency activity management platform. Users pledge community currency to obtain the right to participate in activities.

Community data evaluation and reward tools. By calculating the number of posts, likes, and replies, the community can provide rewards based on member data and redeem social tokens.

An encryption community establishment and management platform based on BSC. Can assist users to build their own encryption community.

For multi-signature management tools and digital asset management platforms, most of the users come from the Dao organization.

On-chain streaming payment and fund management tools, the agreement is suitable for DAO payment, recurring payment, frequent reward distribution and other scenarios.

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