In the ever-evolving landscape of Web3 social networks, two new and ambitious projects, Tomo and New Bitcoin City, have recently achieved a remarkable milestone by surpassing the $1 million Total Value Locked (TVL) threshold. This achievement not only signifies their impressive growth in terms of users but also the total assets held within their protocols, a vital indicator of a platform’s overall health. Both Tomo and New Bitcoin City have drawn inspiration from the revolutionary Friend.tech, which initially created waves in the Layer-2 Base space. These innovative socialfi protocols employ user data sourced from various platforms, most notably Twitter, eliminating the need for users to create new personal profiles.
🎉 Welcome to the $1M Club, New Bitcoiners!
We’ve hit $1M TVL, all thanks to YOU! 🌟💰
🛑 But we’re not done yet!
👀 Epic celebration events are on the way
🔥 Stay tuned!Install App👇https://t.co/EImo5RMVSE pic.twitter.com/eaqUsPfa6M
— New Bitcoin City (@NewBitcoinCity) October 15, 2023
Overall, these platforms have honed their focus on connecting Key Opinion Leaders (KOLs) with everyday users. To interact with a high-follower account, users are required to purchase tokens, often referred to as “keys,” associated with a particular KOL. Keys are essentially ERC tokens with offline storage of information, and their prices fluctuate based on market demand.
Thanks to their novel concepts and their ability to attract a multitude of KOLs, including those from traditional markets, Friend.tech quickly rose to prominence, leading to the emergence of numerous “copycat” platforms across different blockchains. While Arbitrum boasts PostTech and cipher.rip, Avalanche introduces Stars Arena, Tomo is developed on Linea, and New Bitcoin City operates on the Bitcoin Layer-2 platform NOS.
Tomo differentiates itself from Friend.tech in several ways. For instance, it allows direct messaging between users and features a key-based betting system. For example, Elon Musk’s key currently has a starting price of 0.478 ETH (approximately $743 USD), a prerequisite for engaging with the billionaire on the platform. In contrast, New Bitcoin City adopts a unique approach, positioning itself as a social layer gathering users from various social networks. Apart from this, the platform offers various features, such as enabling users to set their key purchase fees (ranging from 0% to 8%) and the number of keys required for joining specific groups.
Welcome @LineaBuild frens 🩵
Let’s build the best #SocialFi experience #OnLinea 🫶 https://t.co/AiAmyWww4Q
— Tomo (@tomo_social) October 14, 2023
Notably, the platform Stars Arena, a former contender in the race, also managed to surpass the $1 million TVL mark before a liquidity crisis following a security breach on October 7th. In a recent update, the platform has reopened but has yet to reinstate trading functionalities.
In the grand scheme of things, Friend.tech maintains its dominance by leading the TVL race compared to its “copycat” counterparts. However, it is also feeling the pressure of being a pioneer, particularly after a series of security incidents from late August to the present. These events have somewhat deterred new user adoption, and the platform now faces stiff competition from emerging rivals.
In conclusion, the DeFi social network landscape is experiencing a rapid transformation with Tomo and New Bitcoin City making significant strides in TVL, challenging the established leader, Friend.tech. As these platforms continue to evolve and innovate, it will be interesting to see how they shape the future of social finance and connectivity in the blockchain space.
Read more:
- Friend Tech’s Remarkable Surge: Over 80,000 ETH Inflows And Skyrocketing Transactions
- Friend.Tech Overtakes OpenSea With Daily Trading Volume Exceeding $3 Million