Social finance protocols Tomo and New Bitcoin Metropolis now have greater than $1 million locked in every of their good contracts, a determine often called whole worth locked, per DefiLlama.
Each protocols are comparable tasks to Base-based FriendTech, the primary mover in an rising house that is leveraging a selected mix of social media with a monetary twist. FriendTech popularized the thought of getting gated communities the place customers must pay for so-called keys to entry group chats, with the worth of the keys getting dearer every time one is purchased.
Innovating with new social finance concepts
Working on the Linea platform, Tomo provides a number of various things in comparison with FriendTech, reminiscent of the flexibility to message somebody immediately. However the principle facet that makes Tomo totally different is that it lets customers guess on the worth of individuals’s keys, in the event that they have been they to hitch the platform. Tesla CEO Elon Musk’s keys, for example, are at the moment valued at 0.478 ETH ($743), and that is the worth they might begin buying and selling at if he have been to hitch the platform.
Based mostly on Bitcoin Layer 2 community NOS, New Bitcoin Metropolis is taking a barely totally different method from most social finance platforms by attempting to be extra of a social layer, permitting customers from different protocols like FriendTech to make use of their keys on its app.
New Bitcoin Metropolis has added a number of ranges of customization, together with the flexibility to set the payment {that a} group chat proprietor costs for the acquisition of their keys (between 0-8%) and the variety of keys wanted to entry their group chat. It additionally lets customers agree to purchase one another’s keys for a interval of 30 days, a course of known as (3,3).
These two tasks are at the moment the one social finance platforms with greater than $1 million in TVL apart from FriendTech, which nonetheless dominates with $43.7 million. Avalanche-based StarsArena had greater than $1 million in TVL earlier than it was hacked. It is set to reopen as we speak with buying and selling to start out at a later date.
