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Author: Gabe Parker, Galaxy; Compilation: Deng Tong, Bit Chain Vision Realm
Foreword
DESOC is an abbreviation of “decentralized social network” and is a continuous development of encryption. It uses blockchain technology to establish new standards for sharing ideas and information in digitively.Like many applications in the wider cryptocurrency industry,These applications aim to enhance the value of data ownership, transparency and resistance.The birth of a blockchain -based social media platform dates back to 2016. At that time, the first blockchain -based Desoc application Steemit was launched on the Steem blockchain.
Different from traditional social media applications that can be logged in to log in,Desoc application uses the private key signature of the blockchain wallet to log in.After using the blockchain wallet to log in to the DESOC application, users can share content, pay attention to other users, and collect digital products in the form of alternative and irreplaceable token.The ownership of user data is controlled by the user’s wallet, which is usually stored in decentralized file storage settings. This is different from the centralized data custody services such as AWS and Google Cloud used by Facebook and Twitter.Some DESOC applications also provide data transmission, providing users with unified experiences across various applications without having to create new configuration files.It is important that the technical architecture of the DESOC application ensures the seamless connection between the user’s personal data data and the blockchain wallet.
This report analyzes the chain activities of the most popular DESOC applications since 2021, including Farcaster, Friend.tech, Deso, etc.The report also discussed the narrative and growth strategy of promoting the use of Desoc applications, especially the use of Farcaster. This is a relatively new Desoc application, which accounted for more than 30% of all DESOC -related transaction activities in 2024.
Active user
In 2016, the first Desoc application called Steemit was launched on their own blockchain.Since then, DESOC applications have accumulated more than 8.7 million users in total, and have contributed to more than 82 million transactions on Ethereum, Optimism, Arbitrum, Polygon, BSC, and other Layer-1 blockchain.As of April 6, 2024, the total number of monthly active users of the Desoc platform was about 550,000.In this case, users are defined as the only wallet address to interact with DESOC applications in the past month.For most encrypted applications, it is not easy to distinguish active users and seasonal users.The analysis in this report defines “active users” as users who have interacted with applications at least once in the life cycle of the application.
Monthly active users of top DESOC applications account for 0.15%of Twitter/X monthly active user base.It should be emphasized that the two DESOC applications with the largest number of users were launched from 2020 to 2021, which made them have longer user entry time than Friend.tech and FARCASTER.DESO is the Layer 1 blockchain released in June 2021. It has the highest number of user registration in Desoc applications, with a cumulative number of users of 3 million.Cyber Connect is a decentralized social map that supports all EVM compatibility chains released in September 2021. Its cumulative DESOC user registration number ranks second. Since its launch, 1.5 million users have interacted with the application.
The top five DESOC applications account for 85%of the total registration volume.As of April 6, 2024, DESO accounted for 32%of DESOC applications.Although the surge in Farcaster’s users began in late January 2024, the relatively new DESOC platform has accounted for 3%of the total number of DESOC registration.
DESOC applications have different user experiences and attention points.The following is the most popular DESOC application according to the subdivision of categories:
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Traditional social media– User experience, including public posts, comments, likes and private news transmission.
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Social network– User experience involves the purchase of access to accessable contents (Friend.tech key) and/or the assets of the creation of social media content.
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collect——The user experience focuses on the collection of digital assets, mainly NFT.
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other– Do not belong to the user experience of the above three designated categories.
Traditional social media DESOC applications are the most commonly used applications in the DESOC field today, accounting for 67%of the total number of user registration.This category is a combination of four applications, and the collection category only represents the POAP Desoc application.It is worth noting that although the social networking field has emerged in August 2023, the number of user registration in this field ranks third.Although the activity of social network Desoc applications such as Friend.tech has dropped sharply, their rapid success and the ability to compete with the old Desoc industry are very important.
From September 1st, 2023 to April 1, 2024, the number of Desoc users has increased by 2.9 million, which is largely due to Friend.tech (a social network based on Base Layer-2 (L2) RollupDesoc applications).Friend.tech increased more than 800,000 users from August 10, 2023 to January 1, 2024, making a significant contribution to the overall number of Desoc’s overall users.Although Friend.tech’s success is short -lived, the application obviously triggered the recovery of other Desoc applications.After the number of users of Friend.tech began to stabilize in late October 2023, other DESOC platforms such as Cyber Connect, FARCASTER, POAP, and Lens began to get new usersAs shown in the figure below:
The explosive growth of Friend.tech in 2023 makes Desoc a section where the weighing soil is rearranged by Web3.Friend.tech’s user base increased by 620 times within 3 months, and the application generated more than $ 27 million in income.The driving force behind this activity is due to the expectations of the Friend.tech tokens.However, as of April 6, 2024, due to the signs of the Friend.tech team did not have airdrops, user activities have since declined.In October 2023, the average number of daily active users of Friend.tech was 22,700 in the month, and by January 2024, this indicator dropped to 1,000.
Number of transactions
For users on Desoc applications to publish themes, comment on other users’ posts, forwards, and complete other operations, they usually need to sign a transaction on the chain.therefore,The transaction of interactive transactions with DESOC applications reflects the application of the application.
From November 2023 to January 2024, the user trading activities and daily active users applied by Desoc have gone through a platform period.DESOC’s daily transaction volume did not begin to show signs of promising growth until February 1, 2024, which was three times the increase from the previous two weeks, which was impressive.The increase in transaction activities is partly due to the recovery of FarCaster users who want to receive airdrop users from the child community (also known as the channel).
Farcaster is a traditional social media DESOC application on Ethereum L2 Optimism, which was launched in September 2022.Channels (channel) is a forum with designated themes on FarCaster.For example, the Bitcoin Channel is a place where Bitcoin is interested in Farcaster users who can share and discuss the idea of Bitcoin.On January 28, 2023, the fastest growing channel Degen announced to all channel participants airdrop $ Degen token.It is worth noting that the founder of Degen Channel and tokens has nothing to do with the Farcaster team.
Farcaster’s surge in trading volume in mid -February 2024 is also due to the launch of Frames’s launchFrames is a new feature that allows users to embed network -based applications in Farcaster’s posts.Through Frames, users can create tokens, interactive games and voting public opinion surveys in Farcaster’s posts.On the basis of Farcaster’s momentum, other Desoc applications (that is, Lens and X-Connect) user trading activities have a slight recovery.As of April 6, 2024, Farcaster has contributed more than 6 million daily independent transactions.
User growth strategies to promote the opportunity to access monetization by users and social media content have the highest initial returns for DESOC applications.Friend.tech accumulated 820,000 users within 2 months, while Instagram and Twitter spent 3 months and 2 years before reaching a similar level.However,Regardless of economic incentives, DESOC applications are difficult to retain users in the middle and long termAs we will discuss in the next section about the DESOC narrative cycle.
History of Desoc narrative cycle
Historically, the peak of DESOC activities often follows the power law, that is, a application represents most of the activities of all Desoc applications.These prosperity and depression cycles of Desoc applications highlight that Desoc users are not sticky, and often jump to the next popular Desoc application.The peak of the last three event from 2022 to 2024 can explain the problem because they prove that the DESOC event is driven by periodic narrative.
The first meaningful peak of the Desoc activity appeared in March 2023, mainly promoted by the traditional social media application of traditional social media DESOC applications on Polygon and another traditional social media application on the Binance Smart Chain.At that time, decentralized social media applications reflecting Web2 social media applications occupied the share of the Desoc market.The second peak of the DESOC event in September 2023 was attributed to Friend.techThe company launched a new Desoc category called “Social-Fi”.As mentioned earlier, the social network involves the access of access to closed content and part of the ownership of/or the purchase of the user content.
The third peak of the DESOC event in February 2024 was due to the recovery of users’ interest in Farcaster.Farcaster’s recent rise represents the revival of the decentralized traditional social media movement. The last movement appeared in March 2023 through Lens and X-Connect.
If the historical model is established, the Farcaster’s chain activity may decline after 3 to 4 months, just like the surge in other leading Desoc applications in the past has disappeared.However, due to its modular structure encouraging channel creators to continue to innovate, Farcaster stands out due to the potential of maintaining high -level user activities.
Similar to Lens and X-Connect, Farcaster supports third-party developers and social media creators to easily build and start the framework of its Desoc application.Farcaster’s existing users can connect to FarCaster -based Desoc applications without creating new accounts to try these applications.In addition, by introducing the FarCaster channels and applications outside the FarCaster ecosystem, the flexibility of interacting with users by constructing its own tokens, public opinion surveys and interactive games.This programmability has achieved a carefully planned user experience on Farcaster, which has huge potential in promoting the sustainable user growth and activities of DESOC.
in conclusion
DESOC’s large -scale trajectory has not yet begun, but the industry’s recovery in the past 12 months cannot be ignored.In about four years, the number of registered users of the DESOC application increased by 8.7 million.It is inevitable that as the share of global cryptocurrency holders continues to increase in the next ten years, we expect DESOC users to increase.Like NFT, games and DEFI, DESOC is a sub -industry in the encryption industry, with potential to promote the mainstream use of blockchain -based technology and cryptocurrencies.Looking forward to the future,Farcaster stands out as a DESOC application because it focuses on user reservations and sustainable growth strategies through creators’ leading functions and content.
