There is tremendous potential for disrupting social media with cryptocurrency and blockchain technology. Unfortunately, competing with Facebook, Instagram, and Twitter can be challenging. Nevertheless, these four social projects note decent monthly activity, although there’s more work to do.
Hooked (BNB Chain)
The Hooked project positions itself as an on-ramp layer to bring Web2 users into Web3. The protocol provides “versatile and cutting-edge applicability” to empower everyone in the new decentralized paradigm. As a result, users can become part of the ongoing Web3 transformation. It also features an all-in-one learn-to-earn DApp called Wild Cash, which has proven successful among Android users. Hooked runs on the BNB Chain and has over 927,000 monthly unique active wallet addresses.
Galxe (Multi-chain)
One way of tackling social media is by building a solution compatible with various blockchains and networks. Galxe acknowledges that the multi-chain approach has merit, as the project runs on nine networks. The project, formerly known as Project Galaxy – wants to fuel the creation of impactful experiences with Web3 technology. Moreover, the collaborative credential infrastructure can appeal to brands and developers. With over 578,000 monthly active unique wallet addresses, Galxe is on to something.
Lens Protocol (Polygon)
The Lens Protocol offers users a permissionless, composable, decentralized social graph. That is part of the vision of facilitating the creation of Web3 communities and social interactions. The original Aave protocol team develops Lens Protocol. Users can create profiles on Lens Protocol through their crypto wallets. Ultimately, the project will transition to a DAO. So far, the project notes over 62,000 unique active wallet addresses per month, indicating some initial uptake.
KlimaDAO (Polygon)
Three of the four social projects are built on Polygon, which is rather telling. KlimaDAO is another such venture, and its approach to fighting climate change strikes a chord. Moreover, the project’s native currency – $KLIMA – is backed by tangible carbon assets. The combination of decentralized finance and building a greener future can usher in a new economic model. But, like Lens Protocol, it still has work to attract more users. Over 11,200 unique wallet addresses interacted with its smart contracts this month.
What Comes Next For Decentralized Social Projects?
Although Hooked notes some strong success, many other projects struggle. Steemit used to dominate the space once and has fallen out of favor. PeakD, Ecency, and SOMESING try to attract users, but it takes a lot of work.
It remains unclear if any of these social projects will ever achieve critical mass. Reaching millions of users is hard enough, let alone replacing Facebook or Twitter as a go-to network.
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