Binance develops Binance Square social network

Binance has announced an upgrade to its content-sharing platform, Binance Feed, transforming it into the Binance Square social network.

Binance Square is designed to offer an experience similar to X (Twitter) but with added features that allow content creators to earn money.

One significant upgrade in Binance Square compared to the previous version is that users can choose to tip their favorite content creators. Additionally, the referral program and commission structure provide enticing earning opportunities for users.

Binance CEO Changpeng Zhao stated, 'Binance Square is always focused on building a community-focused social platform, emphasizing the accessibility and comprehensiveness of the platform for individuals to engage and share deep insights about the cryptocurrency space and Web3.'

Binance appears to have plans to dive deeper into the SocialFi race by developing a Web3 social network from a conventional content-sharing platform.

The rapid development of decentralized social protocols like Friend.tech (on Base), Stars Arena (on Avalanche), Post.tech (on Arbitrum), and others are exerting significant pressure on traditional platforms.