The hype surrounding SocialFi that has dominated the recent period is starting to wane. With the addition of the problems in the protocols and the declines in the cryptocurrency market, Web3 users continue to use these protocols only for airdrop farming. However, according to data, the total locked value (TVL) of the smart contracts of the social finance protocols Tomo and New Bitcoin City has exceeded 1 million dollars.
What’s Happening in the SocialFi Sector?
According to data from the data analysis platform DefiLlama, interest in social finance protocols continues. Both protocols are similar to FriendTech, the first SocialFi platform based on the synthesis of social media and financial products.
The steps that have made FriendTech so popular are users purchasing keys to access group chats and the idea of having communities that become more expensive with each key purchase.
The Tomo-based SocialFi platform Linea offers several different features to its users compared to FriendTech, such as direct messaging with someone. However, what sets Tomo apart is its main feature of allowing users to make predictions based on the value of their keys when they join the platform. For example, Tesla CEO Elon Musk’s key is currently worth 0.478 ETH ($743), and the price at which the famous person’s key will start trading if they join the platform is also this.
What is the New Bitcoin City Platform?
New Bitcoin City, which uses the NOS infrastructure of the Bitcoin Layer-2 network, tries to be more of a social network and adopts several customizations, including setting the fee demanded by a group chat owner for purchasing their key and the number of keys required to access group chats. It also allows users to buy each other’s keys for a period of 30 days.
These two SocialFi projects are two social finance platforms with a TVL of 1 million dollars, apart from FriendTech, which dominates the market with 43.7 million dollars. StarsArena, based on Avalanche, had a TVL of more than 1 million dollars before being attacked. Users will start transactions on the reopened platform from the second announcement onwards.
