Although the cryptocurrency market has been experiencing a turbulent period for the past year, there is always a different hype in the Web3 ecosystems. Examples of these periods can be seen in meme token airdrops, Bitcoin Ordinals craze, and the subsequent SocialFi hype. In this process that started with Friend tech, we will examine together the most popular SocialFi platforms of recent times.
Notable SocialFi Protocols in Recent Times
Friend tech, which ignited the SocialFi hype, continues to make a name for itself in the past 1.5 months. The total locked value (TVL) of Friend tech, which allows users to buy and sell social media platform X accounts and share commission revenues with its users, has exceeded $50 million. Since its launch day, the total trading volume has surpassed 207,503 Ethereum, while the total trading volume on OpenSea during this period was 37,000 Ethereum.
Post tech, offered to users on the Arbitrum network, is a strong competitor to Friend tech in this field. The platform, with a TVL of only $277,000, has been frequently mentioned lately due to its airdrop activities. Users evaluate the potential airdrop possibility through tasks such as having more than 200 account holders and sharing posts made on X with various hashtags.
The shining star of the past week is Star Shares, offered to users on the Avalanche network. In this protocol, the tokenization of social media accounts takes place, and the biggest reason for the protocol’s popularity was the inclusion of Ava Labs’ founder Emin Gün Sirer in the system. Sirer, whose token value exceeded 20 Avax in a short time, provided great support to the platform and managed to attract everyone’s attention.
What to Consider for SocialFi?
Every hype period eventually comes to an end, and unfortunately, end users suffer the most. Especially for such protocols, transaction volumes and transaction counts should be tracked on data analysis platforms like DappRadar, and decisions should be made accordingly.
Although protocols like Star Shares are used by important figures, it should not be forgotten that the total locked value in this protocol is only $152,000. There is no possibility of avoiding a rug-pull, which we see in every aspect of the Web3 ecosystem, in a SocialFi protocol.
The continuous implication of airdrops by protocol teams should not deceive anyone. Expecting an airdrop immediately from a protocol that was launched just 30 days ago and has not even received any investment can lead to serious disappointment.
