The platform facilitates a Dutch auction-powered financial system for web3-native social posting.
Joseph Delong, the previous CTO of Sushi and a former Ethereum core developer, has launched a novel decentralized social platform providing an revolutionary tackle blockchain-based social media, aka, SocialFi.
Untitled quietly went reside on July 26 as an ecosystem combining blockchain know-how with social interplay fueled by financial incentives.
“Untitled is targeted on making a disintermediated social platform the place customers can see what they need and say what they need,” Delong instructed The Defiant. “Our long-term purpose is to show off our server with all management on-chain.”
The way it works
Exercise on the platform facilities round a each day “title” message, which customers can declare possession over by bidding in a 48-hour declining Dutch public sale main as much as the publish going reside. The successful “title proprietor” can then compose a message featured within the each day title in a bid to kickstart dialogue amongst customers. The following title public sale will start at twice the value of the earlier title.
Customers can publish feedback replying to titles via one other Dutch public sale mechanism, with the value of replying beginning at half the value paid by the title proprietor earlier than declining over 48 hours. The auctions for subsequent replies begin at half the value of the earlier remark, with the unique commenter receiving a share of the public sale worth. The platform additionally encompasses a tipping characteristic permitting customers to love or “snap” titles and feedback alongside a monetary reward.
The title proprietor receives 90% of income generated from feedback and likes posted, incentivizing customers to take part in title auctions and publish partaking content material on the platform.
Delong mentioned a user-configurable AI mannequin is answerable for content material filtering on the platform.
“All content material will ultimately reside on a decentralized storage (IPFS) and every consumer will act as a content material server and shopper,” he added.
Early days
Untitled is slowly garnering customers and exercise after launching three weeks in the past.
The publish asserting Untitled’s launch attracted the best quantity of feedback with 4. A publish proclaiming “hell is empty, all of the memecoins are right here” garnered essentially the most snaps with 44. Delong mentioned Untitled’s 178 customers have posted 101 titles, 156 replies, and 857 snaps.
The themes mentioned embrace memecoins, Delong’s philosophic ponderings, and the Untitled platform itself.
Untitled was launched on prime of Lens, the decentralized social graph protocol from Avara — the father or mother firm behind Aave. Stani Kulechov, the founder and CEO of Avara, described Untitled as “one of the vital thrilling social apps launching on Lens.”
Nonetheless, Delong mentioned that Untitled is at the moment powered by Base, Coinbase’s Layer 2 community, whereas Lens develops Lens Community, a forthcoming Layer 2 that will likely be powered by ZKsync.
Delong tweeted that he was motivated to launch Untitled by dissatisfaction with the trajectory of web3 improvement.
“Once I began in web3 we believed in a decentralized future,” Delong mentioned. “We needed to construct unstoppable decentralized finance to rival the monetary system, not be part of it… Our use circumstances have devolved into authorities cash — however on-chain, pump and dumps, and degenerate leverage… The web3 we needed it to be is unquestionably dying… The time is now for a reset.”
Different socialfi experiments
Whereas current socialfi tasks have loved explosive short-term progress combining speculative sport concept mechanics with points-powered incentive applications, the sector has struggled to realize long-lasting consumer retention.
FriendTech loved meteoric progress after rapidly rising as one of the vital fashionable dApps on Base after the Layer 2 community launched on mainnet in August 2023. The platform permits customers to purchase and commerce “keys” permitting entry to chatrooms related to Twitter accounts.
At its September 2023 peak, FriendTech hosted greater than $20 million price of each day key buying and selling, however the determine crashed by greater than 99% by April. Whereas the platform loved a short-lived resurgence following the launch of its v2 iteration and the FRIEND token in Might, each day quantity trended between $10,000 and $26,000 over the previous two weeks, in accordance with Dune Analytics.
Every day FriendTech key quantity. Supply: Dune Analytics.
Farcaster, an OP Mainnet-based socialfi platform, loved a surge in exercise in February with the launch of its Frames characteristic — which permits customers to embed interactive content material together with functions into their posts. Lively Farcaster customers surged 15 occasions to a peak of greater than 40,000 throughout February, however dropped by 60% throughout the next month. Evaluation performed by The Defiant discovered that solely 4,360 customers have been energetic on the platform each day in June.
Nonetheless, Lens has managed to buck the socialfi downtrend, with its consumer base having fun with surging progress in 2024, buoyed by its permissionless launch in February. Lens supplies infrastructure for third-party builders to construct decentralized social apps on prime of it.
Lens has persistently posted new all-time highs for exercise since Might. Whereas practically 28,600 customers have been energetic on Lens-based platforms in January, 262,364 wallets interacted with Lens native functions final month, in accordance with Lenscan. Nonetheless, the info doubtless counts wallets that interacted with a number of functions inside Lens’ ecosystem.
No factors program for Untitled
Delong instructed The Defiant that Untitled received’t launch a factors program to incentivize early adoption.
Regardless of describing factors applications as an efficient short-term “progress hack,” Delong mentioned points-based incentives typically degrade the consumer expertise and culminate in a steep exercise decline in a while.
“An airdrop is probably going within the plan however we have not mapped out the best way to finest reward early/frequent customers,” Delong mentioned.
Associated: Avara Pronounces Lens Community L2 Leveraging ZK Stack
