Hong Kong, Hong Kong, July 25th, 2024, Chainwire
OpenSocial Protocol, a revolutionary infrastructure layer for building social applications, has achieved a major milestone by reaching 30,000 onchain users in just 2 weeks since its first app went live. This achievement has been backed by a $6 million strategic investment led by top venture capital firms and notable angel investors.
OpenSocial Protocol, created by Everest Ventures Group, aims to empower users and communities to create social decentralized applications (dApps) without the need for coding experience. With $26 million in funding, including previous seed rounds, the protocol is set to transform the social media landscape.
Key investors such as Framework Ventures and North Island Ventures believe in the potential of OpenSocial to become a major player in the emerging SocialFi movement across Asia. The protocol’s ability to deploy infrastructure across various chains and ecosystems, along with its user-friendly platform, is set to revolutionize the way communities interact and engage online.
One of the first apps to launch on OpenSocial, SoMon, has already attracted over 30,000 active users and has facilitated over 300,000 onchain transactions in just two weeks. This success showcases the platform’s ability to address key challenges in social media platforms, such as user retention and spam bot prevention.
With features like customizable user interfaces, true ownership of intellectual property, and onchain social tools, OpenSocial Protocol is enabling creators and communities to build scalable social apps across multiple chains. By fostering greater connectivity and engagement, the protocol is paving the way for mainstream consumer adoption of Web3 technologies.
OpenSocial’s vision is to empower creators and community builders to become owners and entrepreneurs, while also promoting sustainable social connections and data ownership. With a team of 80 developers dedicated to onboarding thousands of community apps, OpenSocial Protocol is set to revolutionize the way we interact online.
Analysis:
OpenSocial Protocol’s success in reaching 30,000 onchain users in just 2 weeks highlights the growing demand for decentralized social applications. By providing a platform for creators and communities to build apps without coding experience, OpenSocial is democratizing social media and empowering users to take control of their online interactions.
The strategic backing from top investors and the rapid growth of apps like SoMon demonstrate the potential for OpenSocial Protocol to become a major player in the Web3 ecosystem. As the platform continues to onboard new apps and users, it is poised to disrupt the traditional social media landscape and usher in a new era of decentralized, community-driven platforms.
For investors and users alike, OpenSocial Protocol represents an opportunity to participate in the future of social media and Web3 technologies. By supporting the protocol’s development and engaging with the growing ecosystem of apps, individuals can benefit from more meaningful and sustainable online connections while also potentially reaping financial rewards.
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