The Case of SocialFi Hype

The most recent hype on the crypto ecosystem is definitely the social apps that are blockchain friendly. As it refers to a "new" type of financial product, Social Finance (SocialFi) platforms are attracting thousands of people even in the hard crypto market days.

The rise of SocialFi is not surprising as the crypto ecosystem has long been in search of a blockchain-based Web3 platform which can replace Twitter and provide freedom of speech with no censorship. The dream of crypto community was already accomplished with the hard fork that Hive was born but it is likely to take some to realize it as we are not a VC chain that has some big bosses behind.

Let's talk about the performance of some popular SocialFi apps

Weekly SocialFi Data

The unique side of SocialFi apps is that they have combined the social apps where people create short and long form content with the use trades that people take positions. As a result of more fun and adrenaline boosted version, the apps have reached a wide range of audience.

After the hack of Star Arena on Avalanche blockchain, the hype lost its hot days. Obviously, the users were too fearful to open positions in a bearish market even if there were several opportunities.

The chart by Dune highlights something pretty important: Even in the bear market, the projects, excluding Friend Tech as it is the pioneer and exceptionally strong example) can have a certain number of users to create value in the platforms.

As you know, InLeo team aims to increase the number of monthly active Hive users by 10k before the year 2024 ends. Considering the expectation of bull market after the halving, the top level of interest rates and the sentiment in the crypto market, the performance of InLEO can be astonishing!

The total value locked in the platforms seems solid even though the markets are facing a huge threat of sell pressure due to the increasing global risks.

The SocialFi trend has a $50M impact size compared to the growth of the crypto ecosystem. If we assume that the TVL of these platforms will go higher like the other categories, then the hype and rush into Web3 platforms can be pretty inclusive.

Assuming that Hive gets recognized by people, I would expect another all-time high price levels as the rush into Hive becomes a phenomenon. Considering the growth of the Friend-Tech copies, it would never be too unrealistic for us to aim for a possible target.

InLEO's marketing campaigns, the reputation of Hive, and the upcoming Hive documentary, called Free Chain, might make the process faster and smoother. As a person who tested the projects and tested them for at least a week, I can easily say that whatever is built at the top of Hive has a strong foundation as a fully blockchain-based and community-driven project.

If a single copy project can reach 130k people in 2 months and get 300 ETH fees from them, we should definitely start giving importance to the hype around the SocialFi apps. Both long-form and short-form contents are perfectly fit into the blockchain facilities of Hive. The next market cycle might be the time for Hive, as well!

Have you ever tested SocialFi apps? What are your thoughts about the monthly active user targets of InLEO?

Share your insight below 👇

Hive On ✌🏼

Posted Using InLeo Alpha