DaHeck is Social Finance?
Social Finance in the context of cryptocurrency refers to a fusion of social media principles with decentralized finance (DeFi). This emerging trend, often referred to as ‘SocialFi’ or ‘SoFi,’ aims to tokenize users’ social influences and interactions.
In a SoFi setup, blockchain technology is used to create, control, and own user-generated content on platforms. For instance, a user’s posts, likes, shares or other forms of engagement could potentially be monetized through tokenization. These tokens can be traded, sold, or used within the platform, effectively assigning a tangible value to social influence.
Moreover, social finance platforms are also exploring various features to enhance user experiences and offer a unique blend of financial services using blockchain technology. They provide a gateway to a full range of financial services, including peer-to-peer transactions, lending, and more.
It’s important to note that this area is still in its early stages and is actively evolving, with new concepts and platforms emerging regularly.
DaHeck is Stars Arena?
As we just mentioned, new platforms are emerging regularly, and Stars Arena (SA) is one such platform that has garnered a lot of attention on X, Telegram, and Discord lately. Let’s go over the good and the bad of the platform.
SA is currently using the $Avalanche token for all financial interactions.
The first thing I noticed when I started using SA is how simple it is to get started. Just visit their Twitter site, click on their link, tap one button, and install the app on your phone – or use the website directly on your PC. Authorize connection to your Twitter account and you are ready to get started. Your Twitter account transfers over so you don’t have to create a new profile. Even better, you don’t have to have any $Avax loaded onto the SA crypto wallet to get started.
The other four main pieces of functionality are tipping, buying tickets, earning fees, and airdrops.
- You can tip accounts that put out good content and they can also tip you back.
- Buying a “ticket” is essentially an investment into a person’s account/profile. When you buy someone’s ticket, the value of their ticket increases, and you are betting other people will also see the value in that account and buy their ticket as well. You can sell tickets at any time, but remember there are trading fees involved with buying and selling.
- You earn fees based on how active you are on the site
- You can earn airdrops based on trading volume, referrals, ticket price, created threads, views on threads, interactions, and tipping volume.
Also, there is the engagement. It’s way better than X and there doesn’t appear to be any type of algorithm. And perhaps the best part…you can say cuss words!!
Okay, so at the moment, SA is definitely a degen play. About 10 days ago it got hacked for about $3M and everyone lost their money – for a short time. Since then, they have undergone an audit and the hacker sent back most of the funds, so everyone was made mostly whole.
The main issue is the indexing of data related to trading, meaning some users can’t see their current portfolio value. The team is actively working on this and hopes to have a permanent solution soon.
Then there are the UI/UX issues. The site still seems to lag fairly often, which is frustrating because the site can’t seem to handle large volumes of posting at the moment. Other issues include the inability to respond to comments, no video posting, not being able to see who is following you, who tipped you, and so on and so forth.
Additionally, SA underwent a significant drop in TVL a few days ago as some users were becoming frustrated with the time it was taking to implement fixes to the aforementioned issues.
So it remains to be seen whether or not SA will thrive or die. Either way, SA is a super fun place to hang out and for those of us who use the space regularly, we have made new friends and got in on the cutting edge of a new phenomenon in crypto – SoFi.
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