Understand Web3 social monsters in one article: UXLINK

If you want to ask which project in the Web3 social field has attracted the most attention recently, then it is the social monster UXLINK.

UXLINK has gained a strong user base in a short period of time by allowing users to quickly fission based on acquaintance social networks, establishing a Web3 social platform based on acquaintance relationships, and providing in-depth social scenarios and token incentives to retain users and further grow.

Since its launch in April 2023, UXLINK has 3.4 million registered users, built more than 75,000 group chats, and reached 5.9 million users through group chats.This also confirms the UXLINK team’s deep understanding of Web3 social networking.

(Source: https://www.uxlink.io/)

Key variables of current Web3 social interaction: Acquaintance social relationships

People cannot leave social relations. With the development of information technology, social interaction and communication have been deeply digitalized. From instant messaging to sharing life activities, people’s social relations have been deeply integrated into digital scenarios.

In this social paradigm transformation process, we have witnessed the birth of killer applications such as Facebook and WeChat.

This is largely due to the network effect: the value of a platform increases with the number of people using it.Especially in the social field, the network effect is particularly obvious because people tend to gather on the platforms where their friends and family are located, which brings about the fission of acquaintances, that is, after a user joins, his acquaintances will also join, thus quicklyExpand the user base.

Web3 is considered the next generation of the Internet, emphasizing decentralization, blockchain technology and asset ownership characteristics, allowing users to truly own network assets and provide a deeper digital experience.

Although Web3 users are currently mainly concentrated in the fields of investment and hype, as the technology matures and the application scenarios expand, more mainstream users are expected to influx.Due to its powerful network effect, the social field is very likely to be the first to appear killer applications and platforms in the Web3 era.

Currently, several Web3 social platforms have gained great popularity, such as Lens Protocol, Farcaster and friend.tech.

Lens emphasizes the ownership and portability of social media data, so that users can control their own data and freely migrate between different applications; Farcaster emphasizes decentralization and user privacy, providing encrypted message transmission, allowing users to not be restricted by the platform.Free communication;

Friend.tech emphasizes social assetization and uses NFT to provide users with influential tokenized services.Although the above applications have made significant progress in innovation, the lack of emphasis on acquaintance social networks in the early stages may have limited their rapid growth and retention.

In the era of Web1 and Web2, the greatest products are acquaintance social products such as emails, facebooks, and WeChat. Is the king of Web3 the same?

The core scenario of Web3 is transactions, and scenarios involving assets naturally require trust.Web2’s social platform has completed relationship building and trust building.

Web3 social provides a further experience at the asset and ownership level. Therefore, for Web3 social, directly constructing based on acquaintance relationships is the key to implementing Mass Adoption in the context of a small base of Web3 users.

Products and Services: Growth, Retention and Ecology

The entire UXLINK system can be divided into three layers: Dapp layer, protocol layer, and infrastructure layer.

Dapp layer: User growth and precipitation

The Dapp layer provides users with core functions and services, including entry, identity and group functions.

Entrance layer: including MPC and account abstract wallet, providing users with a seamless access to Web3 silky experience.After the user launches the app, he will automatically register a wallet based on the Arbitrum network, and eliminate the presence of private keys and mnemonics, thereby improving the user’s conversion rate.
Identity: Includes DID/Profile (SBT).Users can create Web3 accounts through social applications such as Telegram and WhatsApp, and obtain Web3 identities (DIDs) bound to off-chain identities; UXLink also uses zero-knowledge proof technology to help users build self-savereign identities, SSI) and privacy-based social relationships.
Group: Groups are the core landing scenario provided by UXLINK.Users can create group chats and perform fission based on social graphs to earn rewards; at the same time, they can also allow users to own and share data (social relationship data). Users can Mint group ID to asset social relationship data to achieve real ability.have.In the future, AI assistant-related functions will be provided to enable users to have a more silky social experience.Currently, UXLINK’s group is built in the form of Telegram plug-ins, avoiding duplicate wheels while allowing users to participate in projects through familiar platforms, eliminating user conversion costs.

Socialized “exchange”, that is, the combination of DEX and groups, has not been completed yet, but it has primary functions such as swap. The logic is similar to early Pinduoduo. Users can complete transactions in interaction, which means improving trust and increasingInteresting.

Growth applications, namely the LINK TO EARN engine, can obtain users and data for UXLINK, and can also serve third parties to help third-party Dapps grow.

In general, UXLINK’s core functions at the three levels of entry, identity and group provide a complete tool for user socialization.UXLINK uses Proof of Link (PoL) to inspire users to invite acquaintances and achieve growth.Cooperating with the social functions familiar to users, as well as relationship construction and relationship monetization, new users can obtain a friendly Web3 social experience with extremely low thresholds, and ultimately help Web3’s Mass Adoption.

(Source: https://www.uxlink.io/)

Protocol layer: data monetization, empowering the ecosystem, and realizing a closed-loop business

The core of the protocol layer is data from the Dapp layer, which is mainly aimed at developers.UXLINK’s growth depends on the fission of the user’s acquaintance relationship, so the Dapp layer will accumulate a large amount of social relationship data.The value of acquaintance relationship data is self-evident. Platforms such as Pinduoduo and Linkedin are examples of using acquaintance social relationships.

UXLINK provides Web3 developers with complete APIs, allowing developers to efficiently obtain user social relationship data from UXLINK and analyze it to create actual business value. The revenue of this part will be shared by users and UXLINK, allowing users to accumulate data.Obtain real value and realize a closed-loop business.

Infrastructure layer: further building the ecology

UXLINK has a hybrid scalable technology architecture (EVM + IPFS + Hubs) on-chain and off-chain to support Mass Adoption application scenarios, storing identity and relational data on the chain (currently Arbitrum) and processing complex business scenario data off-chainto support applications using the UXLINK Protocol protocol.In addition, UXLINK can also provide services such as decentralized storage and centralized data indexing, mainly involving EVM chains (Ethereum Mainnet, Arbitrum L2 Chain, BNB Chain, Polygon and Base Chain, etc.).

In the future, with the further expansion of user base and the development of ecological applications, UXLINK does not rule out that it may consider building its own social chain to further strengthen synergies within the ecosystem and open up development space.

The above is UXLINK’s product logic. The social track is different from other tracks. The application layer and the infrastructure layer are symbiotic and mutually promoting relationships, that is, super applications can be produced, or they can become infrastructures such as games and Defi.

Economic Model and Value Capture

UXLINK adopts a dual token model, including utility token $UXUY and governance token $UXLINK.

Utility Token $UXUY: Mainly used to inspire $UXUY’s community growth and interaction.

Earn: Users can earn $UXUY by inviting friends and contributing to the ecosystem. $UXUY will be stored in an EVM-compatible wallet, and the earlier users enter the more $UXUY you can get.As UXLINK’s user size grows, the speed at which users earn $UXUY will decrease exponentially, proposing the scarce value of $UXUY.UXLINK calls this mechanism PoL (Proof of Link).

Destruction mechanism: $UXUY can be used to pay service fees (fees for inter-ecology interactions, UXLINK can also help users pay Commission with $UXUY).Of these costs, 3% – 15% will be destroyed, depending on the governance decisions of the UXLINK community.

Governance Token $UXLINK: Mainly used to govern and capture the value generated by UXLINK products.

1. Supply: $UXLINK has a fixed supply of 1 billion pieces.

2. Release: $UXLINK will be released after the above.

Community Section: $UXLINK tokens will be airdropped to active users, builders and partners.It is worth noting that once airdrops are airdropped, there is no lock-up period, providing instant access.
Partner Section: Initially limited by a 3-month lockdown period followed by a 2-year linear quarterly release.This means that 12.5% is gradually released each quarter, for a total of 8 quarters, promoting long-term participation.
Team Section: After a 6-month lockdown period, the team’s $UXLINK token will undergo a 2-year linear quarterly release, with 12.5% each quarter for a total of 8 quarters, consistent with the long-term success of the project.
Treasury part: Flexible release.

We can foresee that $UXUY will play an important role in ecological growth and fission, that is, to allow users to truly receive incentives and to new users to gain the core experience of Web3.

The existence of the destruction mechanism also allows $UXUY to maintain a relatively healthy circulation level after the user growth.$UXLINK will also capture value in the rapid growth of UXLINK.

(Source: https://docs.uxlink.io/uxuy-labs-api/whitepaper/white-paper)

Summary and prospect

Mass Adoption is one of the core issues facing Web3 at the current stage.In the past few years, a large number of Social, low-threshold wallets, DID projects have cleared obstacles to traditional users in terms of scenarios, entrances, etc.

Recently, with the SEC passing through BTC ETFs, Web3 has once again entered the vision of a large number of traditional users. Applications that allow traditional users to seamlessly enter and deeply experience Web3 will be implemented in this cycle.UXLINK has grasped the core variable of acquaintance socialization and regarded acquaintance socialization as the underlying logic. At the same time, it has been ridden by the low-threshold infrastructure and the breaking of Web3 circles. It will have great potential to succeed in this cycle.

From Roadmap, we can truly see the team’s vision and confidence on Web3 Mass Adoption and look forward to UXLINK’s subsequent performance.