SocialFi’s Recession: 3 Key SocialFi Projects to Watch in 2024..”Fandomdao (FAND)·CyberConnect (CYBER)·Galxe (GAL)” | Cryptocurrency and Blockchain News
What does SocialFi mean?
SocialFi, short for Social Finance, represents a new approach to the financial system. It aims to democratize finance by combining the principles of DeFi with the influence of social media platforms. This convergence combines the advantages of decentralized finance with the interconnectivity and user participation of social networks.
Three SocialFi Tokens to Watch in 2024
Here are the three most promising SocialFi tokens: Among them, FandomDAO stands out as having very high promise as it is about to launch its token, and is attracting attention as it started its airdrop event on February 2nd.
CyberConnect (CYBER) is a decentralized social graph protocol built on blockchain technology. The main goal is to challenge and transform the traditional Web2 social model, aiming to solve problems such as user data exclusivity and interoperability of data and identities across different platforms.
$CYBER soared more than 600% in August, hitting an all-time high of $15.79. It then fell to $4.9 after rumors of the team’s market manipulation spread on social media. The team denied the rumors and prices have since stabilized.
Galxe (GAL) is a Web3 credential data network that helps developers create enhanced products and foster communities within the Web3 ecosystem. GAL is the main governance token of the Galxe protocol and plays an important role in the governance and decision-making process within the Galxe network.
The team’s main goal is to create an “open and collaborative credential data network” where user data can be utilized safely and fairly, unlike Web 2 social media platforms. They recently partnered with METABORA SINGAPORE, a subsidiary of gaming giant Kakao Games, and began a new journey of converging gaming and blockchain technology through a strategic partnership with the BORA Network.
FAND is an innovative Web3.0 social platform for global fandom. FandomDAO has an ideal structure in which global fandoms gather to freely create and share content such as clubs, feeds, and events, and all communication activities create economic value.
In addition, even Web2 users who have no experience with Web3 can easily and quickly set up a wallet using only a social account, so they can easily access Web3 services through Account Abstraction (AA).
Currently, the official service is scheduled to be launched on February 20th.