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Coordinape is booting up CoLinks! ✊ reclaim your professional network, ✳️ own your rep, 🔗 connect with people that matter to you, 💝 share in the value of your connections. Welcome to the first day of the rest of your career. 👇

➤ #SocialFi: The biggest narrative of the next bull run? SocialFi combines the principles of decentralized finance with social media. It empowers content creators by giving them control over their data and allowing them to interact with their users directly It aims to add value to social networks by utilizing decentralized platforms and tokenizing achievements and engagement. ◢ SocialFi Revolution In the whirlwind of 2021-2022, cryptocurrency saw seismic shifts: DeFi, NFTs, altcoins, and the Metaverse reshaped the landscape. In 2023, SocialFi projects took the world by storm with rapid user growth. ❯ @friendtech, a decentralized social media platform on Coinbase's Base, achieved remarkable milestones since its August 2023 launch. Despite revenue model concerns, the platform's revenue surpassed $20m on Oct. 10, with over 10.75m cumulative transactions. As of October 2, the platform's TVL surpassed 30,000 ETH, showcasing its impressive growth in decentralized social media. ❯ @LensProtocol has seen rapid growth, with 4.2m monthly transactions and 125k users by February 2023. ❯ @starsarenacom boosted activity on Avalanche's C-Chain network. This increased network activity led to an 8% surge in the price of $AVAX. ❯ @CyberConnectHQ dominates the Web3 social network with a $50M market cap. ➜ Decentralized social media is becoming more relevant globally. ◢ SocialFi Benefits (TL; DR) ❯ Security and privacy Traditional social networks store data in centralized data centers, controlled by developers. This poses a risk of data theft if security is weak. By using blockchain technology, personal data can benefit from decentralization and network security, reducing security risks. ❯ Freedom of speech Freedom of speech is a basic human right. However, media content is often strictly controlled. In some countries, internet censorship is severe. SocialFi offers a solution with decentralization, transparency, and permissionlessness, allowing freedom of expression without third-party permission. ❯ Copyright In the era of CopyPasta, content copyright is a luxury. But in the SocialFi space, each content creator can prove ownership by storing it permanently on the blockchain through NFT technology. This includes text, images, audio, and video. ❯ Connectivity and compatibility SocialFi excels in connectivity and compatibility. Switching platforms like Facebook to Twitter poses three challenges: creating new accounts, reposting content, and asking followers to switch. SocialFi simplifies this process. ❯ Transparent The global average time spent on social networks is 2.5 hours per day and increasing. The concern lies in the content they engage with. Algorithms behind content navigation on platforms like Facebook, and TikTok are secretive. They understand user behaviour and tailor content, leading to addictive usage patterns. Blockchainization means publishing source code for users to understand algorithms. ◢ SocialFi Challenges ❯ Scalability Contrary to popular belief, social media platforms struggle with managing large volumes of data. However, Web3 social media apps offer a decentralized solution. To tackle this issue, developers are exploring scalability techniques like sharding and off-chain storage. ❯ Sustainability To accumulate users, SocialFi platforms offer token rewards. However, these rewards may not be sustainable long term. Tokenizing social capital is groundbreaking, but the value depends on influencer behaviour. Negative posts could decrease token value and trigger adverse events. ❯ Solid economic model DeFi can accelerate Social's growth but also bring it back to the starting line without a sustainable economic model. GameFi projects have shown this recently on the last bull run. The challenge for SocialFi is finding a model that allows strong growth and long-term sustainability. Example: Frientech has achieved unexpected success in the SocialFi segment. The question for Friendtech's economic model is about its sustainability. Later entrants have to spend exponentially more money to own a key compared to previous entrants. ◢ SocialFi Map & Notable Projects ◆ Identity: @ensdomains, @SpaceIDProtocol, @unstoppableweb, @phi_xyz, @UniPassWallet, @SpruceID, etc. ◆ Social Graph: @CyberConnectHQ, @LensProtocol, @HookedProtocol, @desoprotocol, @atem_network, @akalabs and more. ◆ Social Media: @heydotxyz, @link3to, @phaverapp, @farcaster_xyz, @friendtech, @PostTechSoFi, @starsarenacom, @torum_official, and others. ◆ Messaging: @iMePlatform, @huddle01com, #blockscan, @ethstatus, @leapxyz, etc. ◆ Defi: @rocifi, @zkLink_Official, @CreDAfinance, etc. ◆ Music: @audius, @EmanateOfficial, @soundxyz_, @arpeggi_labs, and others. ◆ Game & Metaverse: @RealyOfficial, @DegenReborn, @valhalla, @gabby_world_, etc. ◆ Credentials: @Galxe, @rabbithole_gg, @poapxyz, etc. ◆ Feed & Tool: @masknetwork, @DeBankDeFi, @rss3_, @PortifyOfficial, @ShowMeNFT, etc. ------------------ - Bullish? - Yes. Absolutely! Why? SocialFi introduces an exciting evolution in the realm of social media, combining the concepts of decentralized finance with social networking. ➜ Its core mission is to equip users with unprecedented empowerment, granting them autonomy over their data. ➜ It ensures genuine ownership of content and enables direct monetization opportunities, free from intermediaries. Besides Layer 2, the emergence of SocialFi is set to create a new wave in the Crypto market. Following in the footsteps of GameFi, SocialFi has the potential to seamlessly transition users from Web2 to Web3.

gm Today, Coordinape launches CoSoul: A free to mint NFT that brings GIVE on chain for you and our 15,000 + contributors! Ready to mint? LFG Want to know more? Read on...👇

One of the biggest feature updates we’ve ever shipped!