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The social finance (SocialFi) sector continues to see the emergence of new platforms, with the most significant factor that sets them apart being the support they receive from ecosystem teams. The hype period for Stars Arena began with the inclusion of Emin Gün Sirer, the founder of Ava Labs, in the platform. However, a recent development drew attention to the Arbitrum ecosystem. A shared post by the team could ignite a new hype. In this article, we will examine Cipher fan, the new SocialFi platform in the Arbitrum ecosystem.
Cipher Fan Guide
Yesterday evening, a tweet from Arbitrum’s official X account sparked the valuation of a new platform in the SocialFi sector. Cipher fan, which was introduced to users in the past weeks, received significant support from the Arbitrum team. Following this support, the platform’s total value locked (TVL) surpassed $393,000 from $100,000, attracting interest from all sectors. So, how can you join the platform? Let’s explore together.
The first thing you need to enter the platform is a referral link. You can easily find these referral links on X. Additionally, entering the platform with your referral link can allow you to gain significant profits from the airdrop event, which will end in five days after the first season.
Next, the platform will ask for your email address and send a six-digit code to this address. After this step, you need to link your X account to the platform. I have observed that some users encountered issues during this step. If you encounter such a problem, deleting the cookies from your browser for the past 24 hours will solve the issue.
After successfully completing the platform registration, the first step is to send Ethereum to your wallet created on the platform. You have two options for this: selecting the Arbitrum network on centralized exchanges and sending ETH to your address, or sending ETH to your account on the Arbitrum network via your Web3 wallet. If you choose a different network instead of the Arbitrum network, you may lose your assets.
What Can You Do for the Airdrop?
After all these steps, the first thing you need to do is to buy a “key.” The most important point to consider here is to create a strategy according to your budget. If you want to make profits through trading with a significant investment, you can seek help from Web3 communities on X and Discord. However, if you want to increase your score for the airdrop by sharing content on the platform, I recommend making purchases from Web3 users instead of influencers. The main reason for this is that you need to have at least five keys to make transactions on the platform. By the way, the platform charges a 5% commission fee for key purchases and sales, which is lower compared to other SocialFi platforms.
With key purchases, you can chat with influencers, just like in Friends tech and other SocialFi platforms. I joined a chat room by purchasing the key of a popular influencer. Typically, these conversations revolve around purchasing the keys of newly joined influencers on the platform. Therefore, you may not obtain much information about any token or NFT collection.
In the airdrop event scheduled for October 15, 2023, 10% of the total supply is reserved for this event. The important point here is the platform interactions. A scoring system is established based on the total volume of key purchases and sales and the content shared on the platform. Popular accounts already have millions of accumulated points. After conducting transactions with only $16 (0.01 ETH), my score was calculated as 1056. Especially, the participation of influencers active on Friend tech and the purchase of their keys for hundreds of dollars will play a role in bringing Cipher fan to the forefront in the coming days.
