Social finance protocols Tomo and New Bitcoin City are the latest contenders trying to grab market share from FriendTech.
Social finance protocols Tomo and New Bitcoin City now have more than $1 million locked in each of their smart contracts, a figure known as total value locked, per DefiLlama.
Both protocols are similar projects to Base-based FriendTech, the first mover in an emerging space that's leveraging a specific blend of social media with a financial twist. FriendTech popularized the idea of having gated communities where users need to pay for so-called keys to access group chats, with the price of the keys getting more expensive each time one is bought.
Based on Bitcoin Layer 2 network NOS, New Bitcoin City is taking a slightly different approach from most social finance platforms by trying to be more of a social layer, allowing users from other protocols like FriendTech to use their keys on its app. New Bitcoin City has added a few levels of customization, including the ability to set the fee that a group chat owner charges for the purchase of their keys and the number of keys needed to access their group chat. It also lets users agree to buy each other's keys for a period of 30 days, a process referred to as .
These two projects are currently the only social finance platforms with more than $1 million in TVL other than FriendTech, which still dominates with $43.7 million. Avalanche-based StarsArena had more than $1 million in TVL before it was hacked. It's set to reopen today with trading to start at a later date.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York AG Letitia James demands answers from social media companies about online threatsJames' office sent a series of letter to Google, Meta, X (formerly Twitter), TikTok, Reddit, and Rumble, asking what they are doing to limit antisemitic and Islamophobic threats from reaching their users.
Read more »
'Kaiju No. 8' Trailer Smashes New York Comic-Con With New AnnouncementsKaiju No. 8 smashes New York Comic Con with a new trailer and updates about the anime series coming to Crunchyroll in Spring 2024.
Read more »
Grapes are the new carrots when it comes to good vision: new eye health researchThis Week's Health Headlines: Bionic woman, Sex life hacks, & Deadly “superbug”
Read more »
Crunchyroll Announces New Anime Additions at New York Comic ConCrunchyroll is adding quite a few new anime series to its roster, as New York Comic Con is swimming in announcements.
Read more »
Women With Acne Bear Another Burden: StigmaAdult acne can significantly change how women are perceived in social settings, a new study finds.
Read more »
New marks for Mark Rowland punctuate a celebratory night for Boone Grove on its new fieldQuarterback Mark Rowland breaks his Boone Grove records for passing yards and touchdowns in a season in a rout of Bishop Noll.
Read more »