As an important means of linking people and promoting the circulation of information, resources and commodities, the importance and universality of social scenarios are self-evident. Due to their huge potential and value, social products have attracted much attention in the capital market, and major blockchain ecosystems are also actively accepting or integrating social elements. In the context of frequent data leaks, privacy scandals and algorithmic bias on the current Web2 platform, the Web3 social ecosystem has become a hot topic. "Native encrypted social applications" have become a key focus area for top institutions such as Paradigm, while Messari lists "decentralized social (DeSoc)" as a core area that needs to be focused on in 2024.
Although the Web3 social ecosystem may not represent a completely new narrative, it has always been highly anticipated and has been continuously favored by people. With its characteristics of decentralization, anti-censorship, user-centricity, empowerment of digital assets, and identity interoperability, the Web3 social scene has become an area of continuous exploration and innovation for various projects, especially after DeFi.
1. Value capture and redistribution of Web3 social ecology
1.1 The Value and Reshaping of Power The Web3 social ecosystem aims to discover the value that is ignored or monopolized by Web2 social platforms, and redistribute it more fairly through the Web3 mechanism.
User sovereignty The Web3 social ecosystem returns true ownership to users. Through on-chain data and decentralized nodes, user sovereignty is guaranteed, including consumption preferences, privacy, digital assets, and identity sovereignty.
Reshaping the Creator Economy Web3 social empowers content creators to become "real owners". Through models such as "Write to Earn", creators can monetize their works based on quantifiable indicators such as clicks and shares. At the same time, platforms such as Lens provide creators with additional sources of income. In addition, creators can also NFT their content to achieve copyright protection.
Decentralized Governance Unlike Web2 platforms that have absolute governance rights, Web3 social ecosystems decentralize governance rights and put them in the hands of the community. Content review and ownership are determined by the community, and users can allocate governance rights by holding NFTs or tokens, making the entire process more democratic and transparent.
Interoperable decentralized identity In traditional Web2 social networking, digital identities lack interoperability between platforms, which is a major pain point for users. In the Web3 social ecosystem, we are committed to building a unified digital identity system that enables users to participate in a variety of scenarios in open and interoperable protocols. For example, users can use the same decentralized identity (DID) to participate in a variety of social activities on platforms such as CyberConnect and Lens Protocol.
Exploring SOEX: Has it cracked the code for social interaction on Web3?
1.4 New asset forms and collaboration models
Web3 social networking can transform behaviors or results into new forms of assets, giving them transaction value or granting specific rights. This also facilitates richer ways of collaboration and value distribution mechanisms. For example, Mirror allows shared content owners to earn royalties, Chiliz enables token holders to participate in the decision-making of sports clubs, platforms such as Debank Hi provide paid chat functions, and Friend.Tech enables group access by purchasing "Key".
2. Exploration of Web3 Social
2.1 Diversified pattern in
In the field of Web3 social networking, whether it is a dedicated chain, protocol layer or application, each project is working hard in its professional direction, trying to truly open the door to Web3 social networking. This includes L1 platforms such as Deso, protocol layers such as CyberConnect (the leading project in this track, including three core components: CyberProfile, CC Social Graph and Cyber Wallet), Lens (with more than 100 ecological products), Farcaster (reportedly used by Vitalik Buterin), and representative platforms such as Mirror, Damus, Friend.Tech, Debank-Hi/Stream, Debox and Etherscan's Blockscan.
Although each Web3 social project has its own unique characteristics, advantages, and application scenarios, their core is mainly focused on the functional realization brought by the underlying technology. In a sense, these projects have made new ideas or introductions based on the needs or concepts of social scenarios. Combined with the development of Internet civilization and the iteration of technology, there is no doubt that this is an important step in the right direction. In the end, time will give the answer.
2.2 Facing Challenges Currently, Web3 social networking still faces several challenges in terms of user base and project data.
High threshold for new users: The understanding of concepts such as private keys, public keys, mnemonics, and the difference in gas fees between chains have created obstacles for new users to get started.
Lack of viral applications: Web3 social products have poor marketing effects, few open applications, and insufficient community promotion. Overly aggressive marketing strategies have led to negative reputations. In addition, users who are accustomed to free use of Web2 social platforms lack payment awareness and find it difficult to understand the payment model of Web3 social interactions, such as purchasing Profile NFTs or paying gas fees.
Imitate Web2 social platforms: Most Web3 social applications copy the model of Web2 social platforms, resulting in a lack of user appeal due to a lack of significant innovation. This leaves users with less FOMO (fear of missing out) and a lower sense of urgency.
Strong user stickiness of Web2 social applications: Web2 social platforms have a large number of long-term active users due to their first-mover advantage. These users have established mature social circles in Web2 social products, making it difficult for them to give up their existing social capital and switch to unfamiliar products in Web3 social.
For native Web3 users, unless there are other obvious needs, using Web2 social applications such as X, Discord, Telegram and WeChat can also meet their needs.
3. SOEX: The key to solving Web3 social challenges
SOEX is a newly launched Web3 social application, currently in the public beta stage. Due to its unique approach, practicality and airdrop incentives, it has attracted the attention and use of many KOLs, communities and Web3 digital nomads. Next, let’s briefly analyze whether SOEX has found the right Web3 social approach.
3.1 What is SOEX?
From its public website, X platform and related materials, SOEX is a transaction-driven Web3 instant messaging (IM) platform built on Nostr infrastructure. It integrates multiple scenarios such as CEX, DEX, other DeFi and traffic matching transactions through IM, simplifies the transaction process and lowers the entry threshold for users. At the same time, SOEX also has a set of incentive mechanisms to promote users' trading behavior.
3.2 Highlights of SOEX: Clever entry point design
Unlike most Web3 social applications that start with concepts such as ownership, decentralized identity (DID) or creator economy, SOEX chooses to start with a common activity that almost every Web3 user will participate in - "trading". This is indeed commendable and demonstrates the innovative thinking of the SOEX team. In the eyes of most people, "trading" is usually carried out on centralized exchanges (CEX) and decentralized exchanges (DEX), which is often an area that many Web3 social application projects ignore.
Imagine a scenario where there is a group of people who are mainly focused on making a profit from trading. For a project proposal, it should aim to provide better trading services for this group. Now, considering the concepts of data ownership, governance, content certification/curation, etc. provided by Web3 social applications, how receptive will this group be? However, if Web3 social applications provide this group with better trading auxiliary services, such as timely information dissemination, community interaction, user-friendly trading tools, etc., so that they can find like-minded partners, seize good trading opportunities, promote information dissemination and transactions without switching applications, and build their trading DID profiles to earn more profits, then this group will easily accept and use this platform for a long time. And what if they can also get airdrops without any losses? That is something that the people like to hear and see. If such incentives are sustainable, then such Web3 social platforms are bound to flourish.
Powerful marketing effect
From a marketing perspective, meeting existing needs usually achieves better results than creating new needs. The intrinsic value of the Web3 social platform does exist, but it may not directly solve the current widespread and urgent needs, and it takes time to directly capture its value and expand. The current priority is to meet the mainstream needs of "communication, transactions, and value exchange between Web3 users." Although platforms like X, Discord, and TG are still the main social battlefields for Web3 users, if users can communicate and trade at the same time in a Web3 social application without switching applications, and can also build their absolutely private domain (profitable and monetizable) while receiving additional airdrop rewards, then can such a native Web3 social application better meet the practical and spiritual needs of Web3 users? The answer is yes.
Broad value space
Currently, according to Triple-A, there are approximately 420 million cryptocurrency users worldwide, accounting for less than 5% of the world's population. Compared to the global population of Web2 social media users, this number is only a small fraction, showing huge untapped potential. A key feature of Web3 users is holding tokens and earning returns from transactions (whether through early token interactions, exchange transactions, or secondary market transactions). Despite the bear market in 2023, the average daily transaction volume still hovers around $100 billion (according to CoinGecko data). Judging from the data in recent years, the types, frequency, amount, and methods of user transactions have gradually increased. With the stimulation of the bull market, it is expected that the transaction volume will continue to surge in the coming period.
Seize the opportunity accurately
According to information disclosed by SOEX, it not only supports EVM, but also supports BEVM scenarios, indicating that it is embracing the BTC ecosystem. The strategic cooperation with BEVM shows that the launch of SOEX will take advantage of the explosive growth of the BTC ecosystem. In terms of timing, SOEX has cleverly grasped the rhythm of the BTC ecosystem and the bull market.
Currently, SOEX provides a wealth of short-term and long-term incentives for participants. For ordinary Web3 users, exploration is now open, and there is a chance to receive SOX airdrops. Interested individuals can come and experience it.
?：@soex_io
Ongoing program from
It can be seen from the development roadmap of SOEX that its initial entry point is to promote socialized trading and gradually expand and enrich trading scenarios. In addition, SOEX relies on two protocols to realize the incentive distribution of users in socialized trading scenarios and build decentralized trading identities. This helps to match identities and traffic between users, communities and projects. Of course, this is also an extension of trading. This matching method and scenario may gradually replace the task platform because it provides a more direct way, a more accurate trading identity portrait and more efficient feedback. In addition, the TradeDivi and Sketch protocols are also mentioned in the roadmap. If SOEX has a considerable number of users by then and its effectiveness is fully verified, the openness of these protocols and their support for more application scenarios and ecosystem interoperability will be of great value.
in conclusion:
The Web3 social platform is a challenging track with great potential. Whether it is blockchain, protocol or application, as industry observers and participants, we hope to see a project that truly meets the needs of Web3 users and brings them benefits.
SOEX's entry point is eye-catching, targeting the urgent needs of current Web3 users. From the perspective of product design, it does meet the needs of some users and lowers the entry barrier. From its potential value space, marketing effect, timing control and future narrative, it is likely to gain the favor of capital and the blockchain ecosystem. At present, its financing status has not been disclosed, perhaps because the project team has not yet announced it. Of course, under the current trend of fair issuance, as a Web3 social application with strong community attributes, SOEX may also choose the fair issuance method. This will be a new revolution, and we are full of expectations for it.
Of course, it will take time to verify whether SOEX has really cracked the right path to open Web3 social media. In addition to paying attention to its progress, experiencing SOEX is also a good choice. At least you can chat with consensus partners who hold tokens, get convenient information or news, receive analysis and insights from professionals, and more importantly, get zero-cost SOX airdrops from the project. Why not seize this opportunity?
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