Author: Revc, Golden Finance

1. Introduction

Blink is a platform launched by Dialect and Solana. The name comes from the abbreviation of "Blockchain Links". Blink allows developers to create "actions". Users can convert various Solana interactions (such as voting, donating, minting tokens, exchanging tokens, and paying) into actionable buttons on Platform X through simple URL links. This integration eliminates the need for page jumps and allows people to perform operations directly on Platform X.

Blink simplifies distribution channels and users' workflows. In addition, actions and Blink links can be distributed via links, QR codes, push notifications, messaging apps, and other formats.

As shown in the figure, with the help of the Actions protocol, developers can encapsulate on-chain operations into a link and present it to users in the form of a Blink page. This logic is similar to the QR code of Web2, but Blink goes a step further and converts on-chain operations into a visual front-end page.

Developers do not need to develop or call API interfaces separately for each page, they only need to create a link to apply it to all pages. When users see the Solana project on Twitter, they do not need to copy the token address and jump to the exchange, they can complete the transaction directly in one interface, which greatly improves the convenience of operation.

The emergence of Blink has brought some breakthroughs to blockchain interaction, but it has also sparked heated discussions in the crypto community. Some users believe that Blink has flaws, and the main disputes focus on the following aspects:

● Limited application scenarios: Blink currently only supports Chrome plug-ins and specific wallets and cannot be used on mobile devices, which limits its potential user base.

● Security risks: Users are concerned that handing over links to third-party applications may pose security risks, such as phishing attacks or malicious operations.

● Development threshold: While simplifying the development process, it also lowers the review standards for project teams, which may lead to the emergence of low-quality projects or security vulnerabilities.

2. Typical Blink scenarios that have emerged

Tipping on social media

X account @zen913 implemented a button with Blink integrated into GitHub Pages, allowing people to tip or sponsor their favorite developers.

Send and buy coins directly on Twitter.

@JupiterExchange has implemented Blink for buying coins on Twitter, and also supports private message chat interface.

KOL leads the rebate

By increasing rebate incentives through Blink, a new creator economy is realized, with the shortest purchase path and the strongest desire to spread.

Paid Subscription

By putting paid subscriptions in front of the scenes through Blink, users no longer need to go to third-party platforms.

NFT Minting and Bidding

Building a no-code tool that lets anyone create, mint, bid on, and buy NFTs using Blinks on their X Feed.

In addition, Blink also has scenarios such as multi-signature, prediction market, content gating and staking.

SEND

In addition, there is a conceptual project SEND (@thesendcoin) that has already issued tokens and is worth paying attention to. At the time of writing this article, its market value has reached 10 million US dollars. SEND demonstrated the various application scenarios of Blink through detailed and vivid descriptions, and won the support of Solana founder Toly. Toly pinned the 100 Blink use case tweets summarized by the SEND team on Twitter.

3. Blink Analysis, SceneFi Preliminary Study

In my opinion, the flaw of Blink is that although it seems to enrich the interactive scenarios, it still does not lower the user threshold in terms of operation. That is, if you want to experience or use Solana Blinks, you need to enable the relevant functions in your wallet (that is, limited to existing Web3 users) before you can use Blinks on Twitter. From the figure below, we can see the operating logic of Blink.

As a Web3 Builder, how can we improve the Blink protocol? We can learn from FriendTech’s approach and easily create a crypto wallet through a Web2 social account or payment ID, thereby deriving the SceneFi track.

Web2 & Web3 users - X & Reddit & Protocol scenarios - FriendTech-style embedded self-hosted wallets or Chrome plug-ins and wallets - Phantom, Backpack built-in protocols - BTC, Ethereum, Solana, OP and other public chains

As shown in the figure above, we define SceneFi as a financial infrastructure that provides Web3 payment methods for Web2 scenarios.

First, the SceneFi protocol uses a Web2-like operating method to explore potential pan-financial scenarios. Of course, it currently focuses on the Web3 scenarios mentioned above. Secondly, it uses an FT wallet generation method (embedded self-hosted wallet) to complete the conversion between fiat currency and cryptocurrency, and then imports users to a public chain ecosystem that has a high tolerance for traffic costs (because a large part of SceneFi's revenue will be provided by the public chain), and subsequently tracks users' consumption habits to strengthen this process.

So why does Web2 scenario need to access Web3 payment method?

● Because traditional consumption scenarios can be combined with the high-risk preferences of the Web3 world to provide high-risk premiums for risky events, whether it is investment (NFT), prediction or crowdfunding (coin issuance & event rewards).

● In addition, the user time cost of Web3 is much higher than that of Web2. This basis difference leads to a strong motivation for the financial infrastructure of Web3 to combine good Scenes. It is willing to pay the scene cost and hopes to continuously siphon Web2 users into Web3 through SceneFi.

SceneFi Product Concept

Creators or merchants with payment needs can select a designated BlockChain as a settlement channel through the SceneFi protocol. Although it has a sense of CEX withdrawal, this product extends to a wide range of Web2 application scenarios. In the future, we may see that the entire chain has its own SceneFi or Blink protocol.

IV. Summary

SceneFi is abstracted from the SocialFi, GameFi, CreatFi and other sub-tracks in the application layer. Judging from the current situation that Web3 cannot expand its circle, most projects may not be good at creating product tonality that Web2 users like, because Web2 products are products that have been precipitated after decades of competition, and decentralized experience is not a rigid demand for most Web2 users but a migration cost. Builder can penetrate the scene from the payment perspective in the way of Blink, thereby achieving user conversion.