Comparative analysis of Farcaster/FT/UXLINK/Cyber: How to find the North Star indicator of SocialFi?
Written by Sirius & Joe
Social products have always been a controversial area. Whether in the traditional Internet or on the blockchain, there are endless debates about social applications. As Marx said, "Man is the sum of all social relations." By abstracting the underlying logic of social products, we can get the following logic: the core of a social product is to help users establish certain social relationships, generate interactions, transmit information, and expand their own social networks on this application. This is considered a successful social product.
Therefore, based on different forms of social networks, countless familiar products have appeared in the traditional Internet, such as Facebook, WeChat, Soul, etc. They build social networks for various social scenarios such as acquaintances/strangers/campus, etc. These are social products in the traditional Internet.
For Web3 social products, due to the characteristics of financialized asset issuance, the "Fi" feature is added beyond the social network.How to issue assets based on social networks, or how to build social networks through assets, isweb3 The core points of SocialFi projectThe decentralized and anti-censorship liberal ideology places higher demands on project owners in terms of content control. Therefore, the SocialFi track is also the most difficult product to build among all Web3 products.
In this article, we will analyze several SocialFi products that have developed relatively well on the market, such as Farcaster, FriendTech, UXLINK and CyberConnect, and explore the growth path of SocialFi products.
From the number of user addresses to asset value, how to determine the true growth of SocialFi?
As we mentioned in the previous article, the core of SocialFi lies in the combination of social networks and assets. Whether it is issuing assets based on social networks or building social networks based on assets, this is the fundamental logic of SocialFi products. Next, we will analyze the above-mentioned products from the two levels of social networks and asset issuance, and then select indicators from various dimensions of these products for comparison.
Social network form
The social network topology in Farcaster is the same as that of Twitter, both of which are attention-based social networks with relatively open networks; FriendTech purifies and strengthens Twitter's social network, and its form is a closed network with a single node as the core; compared with Farcaster and FriendTech, which inherit Twitter's online social network with attention as the core, UXLINK's network form focuses on real-world social networks and brings acquaintance social interaction onto the chain; as for CyberConnect, it forms social networks through on-chain activities.
Asset issuance level
Farcaster positions itself as the basic layer of social interaction. It does not have a strong "Fi" attribute, but has a strongerCommunityCultural attributes, on this basis, the core asset $degen was generated; FriendTech v1 takes the attribute of asset issuance to the extreme, creates a Ponzi flywheel through the design of Bonding Curve, and gives each KOL's social network an asset bubble. The value of Twitter's social network is fully reflected by the liquidity of the room key; UXLINK is more balanced than the previous two, with dualTokenThe design of the model is more stable and healthy for the entire system, and can more continuously motivate users to create value in social networks; CyberConnect only uses its own nativeTokenThere is a relative lack of incentives for social network expansion when it comes to governance.
After the qualitative analysis, we need to start the quantitative analysis. We first select basic indicators at the social level and asset level to make judgments. First, at the social attribute level, we select the number of active users of the protocol as an indicator; at the asset level, we select the market value of the core assets of the protocol as an indicator.
Social attributes
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Number of active protocol addresses
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Farcaster's DAU started to grow rapidly in February this year, and after a decline in March, more new users poured in.
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FriendTech
In the v1 version of FriendTech, users actively earned points in order to win airdrops. From the end of last year to April this year, due to the delay in FriendTech's token issuance, user confidence declined and led to user loss. After the v2 version issued tokens, most users chose to give up.
UXLINK's growth rate this year has been extremely impressive. In May, the number of addresses reached nearly 500K, quietly reaching a user base that is several times that of other protocols.
The number of CyberConnect users has seen a recovery in the first half of this year, but the momentum is relatively insufficient.
Overall, UXLINK is undoubtedly the most popularBlockchainSocial infrastructure, the activity on the chain is far higher than the other three major competitors in the SocialFi field. According to UAW (Unique Active Wallets), UXLINK's activitywalletThe number is as high as 729.5k, among all SociXiaobai NavigationRanked first among al Media Dapps.
In comparison, the UAW of the other three mainstream SocialFi products during the same period was much lower than that of UXLINK. Although this indicator mainly reflects the on-chain activity of each product in the short term, it also proves that the current attention of Web3 social players has been greatly attracted to UXLINK.
Asset attributes
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Farcaster's asset attributes are relatively weak, so selectCommunityThe fermented asset degen, as a representative asset, soared in price in April as the base ecosystem became popular, and has recently fallen as the ecosystem has stalled.
FriendTech在v2发币，消化空投抛压后Token价格较为平稳。
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Cyberconnect tokens were issued more than two years ago. Their prices increased in the first half of the year as the track was hyped, but then fell back to a low point.
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UXLINK has not yet issued any assets and is not included in this comparison.
Overall, UXLINK ranks first among current Web3 SocialFi products in terms of the number of users with its amazing social network expansion rate, while FriendTech uses its innovative asset issuance mechanism to attract eagermake moneyPlayers.
The underlying factors behind the appearance: Positioning and focusing on the North Star indicator
If we abstract the behavior of users in social products, we can describe it in the following mode: "Users expand their social networks in the product and interact to complete information transmission." After adding asset attributes, the behavior can be expanded to complete asset transactions in addition to information transmission. In SocialFi products, information exchange is often accompanied by asset transactions, which brings the entire economic ecosystem to life. The product itself can also gain benefits from the economic behavior in the ecosystem. Therefore, in this article, protocol revenue is selected as the North Star indicator for measuring a social product.
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When FriendTech was released, its innovative asset issuance mechanism brought it to a peak. As the popularity declined, the activity in the economy continued to decline. However, after the release of v2, the token airdrop and innovative club design raised the popularity again.
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Farcaster has ushered in a wave of strong growth this year with the explosion of the base ecosystem, and the influx of new users has brought about an increase in protocol revenue.
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CyberConnect's revenue was close to zero after the airdrop, which shows that users do not have strong real social needs for this product.
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The UXLINK economy is relatively early and has no data, so it is not listed here.
In SocialFi, if you have to choose between the "Social" and "Fi" attributes, then products with "Fi" as the core will win in the competition. After all, in Web3, transactions are the underlying needs of all users.
From indicator mapping to product, how to optimize product design
We can see the above several representativesocialfiThe rise of products and the activeness of economies are strongly correlated with asset issuance behavior, which also reflects the importance ofweb3Products, asset issuance is the first principle, and transactions are the underlying needs of users. All SocialFi products should think about how to embed users' transaction behaviors into the social network of their own products.
For CyberConnect, users did not have any transaction scenarios in the product. The early users were active to meet the airdrop rules, not for real social needs. This also explains why the economic activity of CyberConnect fell sharply after the airdrop ended.
For Farcaster, during the Ice Age, the decentralized front-end allowed many liberal users who disliked Twitter's censorship to retain the spark of its resurgence. At the same time, it is the base camp of the base ecology. With the rise of the base ecology, it has been active as a gathering place for high-quality alphas of the base chain.
For FriendTech, airdrops were used to attract users to engage in social activities in the early stage. In v2, it helped big Vs to create clubs and issue tokens through influence to realize monetization, and brought tradable assets to ordinary users to maintain the activity of the economy. However, the trading behavior was relatively not obvious, and the Farcaster team itself seemed to be downplaying the "Fi" attribute.
From the perspective of coin issuance, FriendTech and UXLINK are the most user-friendly and are most likely to have a wealth effect to attract users; from the perspective of social network form, Farcaster and UXLINK have relatively stronger social attributes and can keep the entire economy resilient enough. Therefore, we can look forward to their performance after they go online and pay attention to the issuance of assets based on acquaintance social networks.
The article comes from the Internet:Comparative analysis of Farcaster/FT/UXLINK/Cyber: How to find the North Star indicator of SocialFi?
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