Phaver, the leading multi-protocol social application behind Lens and Farcaster, announced the launch of its much-anticipated token, Phavercoin — $SOCIAL. With over 500,000 users, Phaver is the first mature application in the ecosystem to launch a native token. The token is currently available for presale on Aevo, and spot trading will be available on multiple exchanges next Tuesday.
Phaver's token $SOCIAL is designed to capture and redistribute value in a meritocratic manner, rewarding users who truly create value. Phaver's vision is that in the future, creators can realize native monetization, and users are both owners and beneficiaries of their valuable social network.
To combat the bot and multi-account "fleeting" issues that plague crypto projects and social applications, Phaver conducts privacy-safe facial scans or wallet-based reputation verification on all Airdrop recipients to ensure that the rewards are real users. Early users will receive 4% of the Phairdrop on Base during the TGE, and another 25% of the tokens will be used for monthly Points-to-Tokens conversions, ensuring that both early and new users can stay involved and receive fair rewards for their contributions.
Social media is one of those areas of the internet where value exchange is clear: creators, communicators, and moderators create value for their audience, and their attention and appreciation also have value. Therefore, unlike many x-to-earn models, it is actually possible to create a sustainable token economy mechanism in SocialFi that rewards those who create value, while scaling and thriving through tokenized readership, premium content, and demand for more exposure or premium features, without relying on the "Ponzi economics" that exist in the crypto space, said Joonatan Lintala, CEO and co-founder of Phaver.
$SOCIAL tokens will be available for trading on exchanges including Bybit starting September 24, with multiple Launchpool opportunities to acquire more tokens. Phaver also launched its second NFT series, Cred Passes, which can be minted on OpenSea and last until the TGE, providing users with the most efficient way to reach and maintain higher ranks on Phaver, thereby redeeming and unlocking more tokens every month in the future.
Phaver's social media methodology combines the essence of Decentralised Social (DeSoc) and SocialFi. Phaver's Supergraph allows users to post on Lens and Farcaster for free and seamlessly. As decentralized protocols, they help users back up their social networks and content, ensuring that users' social assets belong to themselves and are no longer subject to the threat of deleting accounts by individuals, companies or governments. SocialFi provides a whole new way to gamify the experience, allowing users to expand their audience faster and easier, while fairly rewarding real value to the best contributors, not just exposure.
After building the DeSoc feature and becoming the largest app on Lens and the largest third-party app on Farcaster, Phaver will double down on SocialFi after the token launch. Soon, users will enjoy a gas-free experience with $SOCIAL within the mobile app, and the built-in wallet will be used for scenarios such as tipping, paid content, gamification enhancements, and item collection. Recent updates will also include a Web3 era advertising model in partnership with Spindl, where users can choose to participate, earn Points rewards, and earn revenue sharing by sharing Frames (a plug-in based on the Farcaster protocol)-based ads to their fans, secure wallet positioning, and non-intrusive tracking. In addition, Phaver Perks will unlock multiple partner benefits for verified users, including airdrops and discounts.
Phaver will also continue to expand its collection of native utility NFTs, which play a key role in the ecosystem by providing users with a way to not only pay for services, but also own and trade tangible assets that provide the same benefits.
Learn more, visit www.phaver.com, download the mobile app, get started and join the second season of Phairdrop in October.
