SocialFi, wey dem dey call ‘Social Finance’, be de new wave wey dey happen for Web3. Dis concept combine social media ideas with de principles of DeFi, or Decentralized Finance. For newbies, SocialFi mean say social media no be just for chatting and sharing pictures again, but now e dey involve financial transactions and rewards[2).
One of de key features of SocialFi be de ability to stake tokens and earn interest. For example, $JAM token, which be one popular SocialFi token, offer staking with a 12% APY. Dis mean say if you invest your tokens, you go get back 12% of de amount you invest every year. Plus, you fit own a node and get special access to certain features[1).
Another important thing about SocialFi be de use of advanced blockchain technology. Form Network, for instance, be an Ethereum Layer 2 solution specifically designed for SocialFi. It use OP Stack for scalability and Celestia’s modular data availability layer to make transactions faster and more secure[3).
SocialFi apps also dey leverage AI and other ecosystems to make de experience better. For example, METYA, which be part of de TON ecosystem, use AI to enhance de crypto experience and give crypto a better future[4).
Developers dey work hard to create more SocialFi apps. Recently, Solana developers announce say dem dey cook up a new Solana SocialFi app with @cupcakeprotocol and @0xSolanaGirl. Dis app go bring new ways for people to interact and earn rewards on de Solana blockchain[5).
