After experiencing the low-density market in the past year, the crypto ecosystem, which has been the talk of the town, is slowly recovering amid the turbulence.

After the beginning of 2023, the market showed an obvious trend of sector rotation. First, the halving theme became popular and led the rise, LTC, DASH, etc. attracted attention, and then the Layer2 ecology and LSD ecology became popular and soared; then the spring river water warmed up, the AI ​​sector exploded, AGIX and FET once rose by more than 500%.

By mid-to-late February, a new crypto policy directly put Hong Kong on the hot list, and Hong Kong-themed projects such as ACH, CFX, and COCOS collectively soared; recently, the OP ecosystem has become more popular, and the Arbitrum ecosystem has become popular. After a series of sector rotation whirlwinds, SocialFi has been a hot topic recently and is considered by the market to be the next potential sector to take over. Today, we will take stock of the potential projects in the SocialFi sector.

The next value trough? What is SocialFi?

SocialFi = Social + Finance / DeFi, which means social finance, essentially refers to the organic combination of social networks and finance on the blockchain. SocialFi has the characteristics of decentralization, openness and user control.

After the advent of the DeFi era, NFTFi and GameFi have exploded one after another, and SocialFi is highly expected by the community and is regarded as the next value depression with great room for growth. In fact, since 2021, many SocialFi concept projects have been pouring into this track, such as RAC, YUP, STEPN, Lens, Chilliz, Mirror, CharityDao, Rally, RSS3, Aduius, Mask Network, DeSo, etc.

One of the phenomenal cases is STEPN. STEPN is popular among users based on its unique social attributes and the concept of "earning while running". Thanks to the surge in the governance token GMT in a short period of time, early users have gained huge profits. With the influx of a large number of users, STEPN has been favored by global users and capital, and once became one of the hottest crypto projects in 2023. Under the unique social conduction effect and wealth-making effect, the powerful explosive power of the SocialFi project can be seen.

From leading companies to potential stocks, a review of popular SocialFi projects

Audius: Web3.0 music streaming platform integrates new features with TikTok

Audius is a decentralized music streaming protocol that aims to facilitate direct transactions between listeners and creators, allowing everyone to freely distribute, commercialize and stream any audio content. Audius is currently the largest Web3.0 streaming music platform. Through a huge fan community, musicians can create and share their own tracks, achieving all-round interaction between artists and fan communities. In the latest news, Audius announced the integration of TikTok. After the integration, new Audius users can create an account by linking their TikTok profile, automatically importing usernames, information and transferring their TikTok verification status to Audius. In addition, users can share Audius songs in their TikTok videos.

Audius mainly aims to improve the traditional musicians' income sharing with the company platform, the platform's rules, the long monetization cycle, the unstable platform and the loose connection with the audience, and proposes to reconstruct the relationship between the distribution platform and musicians and listeners. Audius's beautiful vision has attracted a large number of musicians and listeners, with more than one million monthly active users. At the same time, Audius is also the first streaming platform to sign a strategic cooperation agreement with Tik Tok.

Official website: https://twitter.com/AudiusProject Twitter: https://twitter.com/viamirror Project Token: AUDIO (already launched, current price is about 0.331U) Focus: Audius is currently the largest Web3.0 streaming music platform. After integrating TikTok, Audius is expected to further unleash its influence based on the rapid spread of short videos. The new mechanism of blockchain + music + community is also attracting more attention from musicians and fan groups.

Lens: Web 3.0 social protocol, a potential work of SocialFi ecosystem

Lens protocol is a decentralized, open, and composable Web 3.0 social protocol built by the Aave team and deployed on Polygon. Lens is currently the most promising and popular project in the SocialFi sector. Since the contract was deployed and launched on May 16 last year, it has been used by more than 160,000 independent users in the 2022 statistical report alone, with a daily user peak of more than 12,000 people and nearly 8 million related txns. The strong online popularity makes Lens full of potential in the SocialFi ecosystem.

In the value proposition of Lens, users control their own creative content, own the social graph, and own the generated data. The minted NFT is completely owned by the user, and the user-created content will be stored in IPFS or Arweave. As an open source protocol, Lens has highly combinable module components that can help developers easily build diverse social applications on Lens; developers can also develop new components to continuously improve product experience and launch more innovative features. Of course, external Dapps can also access Lens and participate in co-building the Lens ecosystem.

Official website: www.lens.xyz Twitter: https://twitter.com/LensProtocol Project Token: Not yet launched Focus: The Lens ecosystem is still in the early stages of development, but the rapidly increasing number of users has demonstrated its influence. Lens posted an airdrop-related tweet in mid-February, but deleted it shortly afterwards. It is foreseeable that Lens is very likely to become another phenomenal project of the year, and now is the best time to pay attention.

CharityDao: Launch Let's Help to build a charity ecosystem under social media relations

CharityDao is a decentralized charitable autonomous organization that aims to make charity simpler, non-political, borderless and efficient. In February of this year, CharityDao officially launched Let's Help, a SocialFi fundraising service platform for the Web3.0 world, which supports users to use Lets Help to seek help worldwide, initiate fundraising plans independently, and raise funds through mainstream social media such as Twitter, Facebook, WhatsApp, Kakao Talk, LINE, etc. Users can initiate various types of fundraising needs including medical assistance, commemoration, emergencies, education, crisis relief, etc.

(Global charity activities were reported by FOX TV)

CharityDao was founded in March 2022. At the beginning of the Russian-Ukrainian war, it donated cryptocurrency to the Ukrainian Red Cross. It has now established connections and cooperation with charities in more than 50 countries and regions around the world, including the Ukrainian Red Cross and the Water Fund created by Matt Damon. CharityDao, which organically combines charity + social + finance, has carried out charity assistance activities in 11 countries and regions including South Africa, Zambia, Nigeria, India, Turkey, and the Philippines. It has accumulated more than 100,000 volunteers online and has a high reputation in the industry. Official website: https://charitydao.co/ Twitter: https://twitter.com/theCharity_DAO Project Token: CHD (already launched, the current price is about 0.054U) Focus: Charity activities covering the world and social networks with high coverage are accelerating the expansion of CharityDao's influence. The project token CHD has currently carried out three rounds of preliminary airdrops, and the fourth round of airdrops is expected to have an amount of 860,000, which is worth paying attention to. In addition, CHD has no private placement and no team reservation. Except for some early airdrops, the rest are all generated through the exchange of BNB with the treasury. The next focus will be on the opening of the project treasury.

RSS3: A new generation of social and content protocol, launched on hoot.it and added to OpenWeb

RSS3 can be divided into RSS and 3. RSS is a content aggregation protocol in the Web 1.0 era, and 3 stands for Web 3.0. RSS3 is a decentralized information dissemination protocol for the open network, which aims to create a platform-free media ecosystem by unifying all open protocols, providing users with full control over data, and promoting transparency and trust.

Traditional Web 2.0 products such as Medium, GitHub, Reddit, Substack and Ghost all use the RSS protocol. However, the centralized business operation model lacks an incentive mechanism, and there are problems such as user privacy leakage and loss of user content ownership. As a new generation of decentralized social and content protocols, RSS3 adheres to three major concepts: transparency, decentralization and modularity. The entire RSS3 project is completely open source, including standards, protocols and various support layers, and everyone can see the entire code of the project. At the same time, the project itself encourages all applications to be open source. On RSS3, anyone has absolute control over the creation, use, and distribution of their own data. Recently, RSS3 launched the ecological product hoot.it and successfully integrated ChatGPT into Hoot.it. As an open network search engine, the latter's ChatGPT integration function is currently undergoing alpha testing. In addition, in the past 2022, RSS3 received a total of more than 1.4 billion requests, and RSS3 is currently entering the hot third stage. Official website: https://rss3.io/Twitter: https://twitter.com/rss3_Project Token: RSS3 (already launched, current price is about 0.163U)Focus: In 2023, RSS3 will make breakthrough improvements in functional usability and performance. The recent launch of Open Web search engine hoot.it has attracted much attention. RSS3 is continuing to increase its influence.

Conclusion

Following the current trend of network development, with Web 3 about to emerge, the rise of the SocialFi track will be an inevitable trend. With the rotation of the market sectors, it is worth paying attention to whether SocialFi can take over and what highlights it will have.

-End-