SocialFi creatively integrates traditional social media networks (Web2) with decentralized finance (DeFi), providing users with a profitable, decentralized platform for engaging in various activities.

This article will provide an overview of the top 10 SocialFi crypto projects in 2024. It will review their tokens and features and provide a guide to buying them on CoinEx.

What is SocialFi?

SocialFi combines social networking with financial elements on decentralized platforms, allowing users to create, manage, and maintain ownership over their content.

The core of SocialFi consists of content creators, influencers, and users looking for improved control over their data, freedom of speech, and the possibility of monetizing their social media community and participation. NFTs are the key to identity management and digital ownership, while cryptocurrencies are often the vehicles through which monetization occurs.

These platforms have structures similar to Decentralised Autonomous Organisations (DAOs), which are more suitable for addressing the ramifications of censoring decisions made in a centralized manner. Blockchain has recently evolved into a manifold development sphere over the last few years. As a result, SocialFi's infrastructure can now handle the throughputs necessary for interactions on social media platforms.

Top 10 SocialFi Crypto Projects

CyberConnect 

CyberConnect extends beyond traditional social networking by enhancing Web3 with a platform that not only allows developers to create social applications but also gives users complete control over their digital identities, content, and connections. 

This framework introduces decentralization into the social media landscape, allowing for the creation of social networks that are more equitable, direct, and not controlled by a single centralized body.

Unlike typical social networking platforms, CyberConnect's solid design allows it to establish permanent, on-chain relationships, enabling users to exercise unprecedented control and ownership over their data.

Features

More features are mentioned below:

• CyberConnect offers a decentralized architecture on Web3, empowering users with full control over their digital identities, content, and social connections.
• It allows for simple onboarding across several chains; CyberGraph, which provides censorship-resistant social data, and CyberNetwork, which helps minimize transaction costs, are some of the ecosystem's most important components.
• The CYBER token fulfills various functions, including governance, purchasing digital identities, and paying transaction gas fees.
• CyberConnect intends to revolutionize social networking by emphasizing user sovereignty, data ownership, and new business models for community engagement.
• Holders of CYBER tokens can vote on CyberConnect Improvement Proposals designed to propel the protocol's growth over the long run.

Overview of CYBER

In the CyberConnect ecosystem, the native utility and governance token is CYBER. Within the CyberConnect ecosystem, CYBER is responsible for the following roles:

• CyberID minting fees: CyberAccounts holders can mint unique handles such as Alice.cyber or Bob. Cyber. When acquiring a CyberID with a premium username, users must pay using CYBER.
• The CYBER token will be utilized as a gas fee for transactions across multiple chains within CyberWallet.
• Securing the Cyber L2 network: The CYBER tokens are used to secure the Cyber L2 node network.

Tokenomics

• Total supply: 100 million
• Market capitalization: $96.93 million
• Public sale: 1.84%
• Early integration partners: 3.07%
• Ecosystem partners: 5.53%
• Developer community: 6.15%
• Marketing: 6.15%
• Community treasury: 6.59%
• Team & advisors: 9.22%
• Private sale: 15.44%

XCAD Network

XCAD Network introduces a Watch-to-Earn model that rewards users for viewing YouTube content. This platform not only enhances customization but also opens additional revenue streams for content creators and their audiences.

By providing a browser plug-in compatible with YouTube, creator tokens, non-fungible tokens, and governance of creative decisions and milestones, XCAD Network allows audiences to experience content from their favorite streamers, bloggers, and influencers more in a more beneficial way.

Features

The XCAD network aims to provide content creators with an alternative that will enable them to provide their fans with a more pleasing experience while providing new options through tokenization and decentralization. To accomplish this, it grants content creators the ability to issue "creator tokens" on the XCAD network. 

The creator tokens have several distinct functions, including the ability to reward viewers, the ability to let followers participate in the decisions made by the creator through governance, the ability to be traded for other creator tokens, and the ability to be traded on the XCAD Decentralized Exchange (DEX).

They also give users access to stake and rare non-fungible tokens and the ability to grant creator token holders early access to limited edition collectible merchandise and special offers for creator services.

More features are mentioned below:

• Upon approval, creators can tokenize their content by issuing their own creator tokens and NFTs, enabling them to reward viewers or monetize through exclusive offerings. 
• Audiences can earn creator tokens by watching or sharing eighty percent of the videos produced by their preferred creators. Additionally, they can participate in governance to impact the creator's decisions, trade for other creator tokens, and gain access to limited edition merchandise, event access, shoutouts, and other benefits. 
• Creator tokens can be converted into XCAD, and then they can be traded for other tokens.
• Users can earn, stake, view, and trade native creator tokens and special "creator moment" NFTs, and they can also impact creators' decisions through governance mechanisms.

Overview of XCAD

The XCAD network's native token is XCAD, which enables users to engage with its ecosystem's many platforms. 

These systems include decentralized exchanges (DEXs), a governance portal, a browser plugin that integrates with YouTube, cross-chain bridges, staking pools, and creator swaps, which enable users to trade creator tokens with one another.

Tokenomics

• Total supply: 198.81 million
• Market capitalization: $20.94 million
• Pre-Seed Round: 2.28%
• Public Sale: 18.45%
• Liquidity: 20%
• Ecosystem Incentives: 20%
• Team: 10.00%
• Partners & Advisors: 8%
• Foundation: 21.28%

Friend.Tech

Friend.tech is a decentralized social platform built on Base blockchain. It enables creators to engage with their audience through tokenized attention. 

A creator's influence is shown by keys that the audience can trade for access to exclusive chatrooms and other perks.

Creators can use Friend.tech to engage with their audience and monetize their impact in a decentralized manner. This is accomplished by implementing a tokenized attention scenario, in which a creator's influence is represented in keys (which were formerly known as shares).

Features

More features are mentioned below:

• Friend.tech presents an innovative approach for content creators to monetize their work through tokenized attention; nonetheless, the platform has faced privacy and security issues.
• The platform creates a one-of-a-kind system of 'Keys' that enables content creators to monetize their influence while offering users access to content not available anywhere else.
• Friend.tech's new approach to content monetization offers a hopeful future, transforming how social media and blockchain interact, even though the company faces hurdles.
• It presents an intriguing potential to convert social networks, connections, and community participation into a concrete economic asset, thereby taking advantage of the value derived from these things.

Overview of FRIEND

Within the Friend.tech ecosystem, the native token is called FRIEND. Friend.tech expands upon Twitter's preexisting function and includes standardized features for cryptocurrency platforms. These features include airdropped rewards, fee splitting, and others.

Tokenomics

• Total supply: 14.60 million
• Market capitalization: $5.41 million
• Airdrop: 100%

Lukso 

The Lukso protocol is a modular tokenization system that aims to simplify the integration of fashion and lifestyle products onto the blockchain. 

However, the project is remarkable for several peculiarities, including the availability of a team with many years of experience in developing such projects.

Some of the most popular and highly regarded personalities in the blockchain industry are associated with Lukso, one of its co-founders, Fabian Vogelsteller. Ethereum has had several updates, including the token standard we now use, ERC-20, and others he created.

Features

The idea of digitization, instead of digitalization, lies at the heart of the Lukso framework. Through digitization, users can take advantage of some of the benefits offered by Web2 services, such as simple transfers. It is the process of converting things or processes into a digital format. 

More features are mentioned below:

• Thanks to Lukso Blockchain verification technologies, the market benefits from increased security and efficiency. The network helps develop and verify blockchain-based identification solutions. 
• Virtual identification cards are an excellent method for enhancing safety in this age of digital technology. It is important to note that blocking IDs can be applied to individuals, machines, and products to confirm their uniqueness more easily. Lukso supports the usage of RFID tags and other modern sensors, which helps to streamline the procedures of monitoring and authentication as well.
• Incorporating Lukso tools into developers' creations is simple. The network makes a developer toolset available, including various features that simplify developing and integrating decentralized applications (apps). In this manner, Lukso functions as a fundamental layer for generating new assets.
• Lukso's focus on the fashion and lifestyle industries increases its worth. This $500 billion sector requires a more efficient model that avoids fraud and brings transparency wherever needed. Lukso's decentralized solution can help accomplish these activities as a foundational layer for developing additional networks, platforms, and services.

Overview of LYX

The official token of the Lukso Blockchain is LYX, which functions similarly to ETH on Ethereum. Using the Lukso Migration Bridge, those who purchased LYXe before the main net was introduced can move their LYXe to LYX.

Tokenomics

• Total supply: 42.12 million
• Market capitalization: $63.24 million
• Future Development: 5%
• Reserve Pool: 9%
• Community DAO: 5%
• Grant Program: 5%
• Ecosystem Building: 40%
• Founders&Collaborates: 5%
• Private Sale: 10%
• Kucoin IEO: 1%
• Public Sale: 10%
• Public Sale: 10%

Cheelee 

Cheelee is a short video platform that rewards users for watching the stream. It works with GameFi and SocialFi technology. Users can enjoy their preferred content on the smart feed.

Cheelee is based on the Attention Economy, which stresses the worth of attention. Through GameFi principles, in-app NFTs, and tokens, Cheelee's users can make money alongside the platform by translating their attention into monetary value. 

Roman Alekseev, a serial entrepreneur and venture capitalist with more than 20 years of experience in the international market, established Cheelee in 2019 with his co-founders, Ruslan Sharov and Yuriy Kardonov.

Features

More features are mentioned below:

• Cheelee is protected from bots and exploitation thanks to the highly developed algorithms incorporated into its underlying technology. These algorithms are designed to prevent fraud and guarantee that rewards are distributed fairly. 
• Cheelee's economic architecture is specifically designed to maintain the token's value. A Stability Fund receives a sizeable amount of the platform's revenue, which is obtained from advertising, in-app purchases, and the sale of NFTs. 
• This fund protects the value of CHEEL and LEE tokens against unpredictable market conditions by implementing tactics such as token buyback and burning, which increase demand and decrease supply. 
• These properly built economic strategies benefit users by giving them a stable earning potential and boosting the platform's attraction to new users, which promises growth in the SocialFi field. 

Overview of CHEEL

The governance token, CHEEL, is utilized inside the application for various purposes, including enhancing NFT glasses, inserting advertisements, and participating in community governance through DAO. 

The utility token, or LEE, is the main currency used for business transactions within the application. These transactions include advertising content and receiving rewards for watching videos. 

Tokenomics

• Total supply: 1 billion
• Market capitalization: $1.06 billion
• Community Drop: 0.38%
• Liquidity: 30.3%
• Strategic Round 2: 0.45%
• Strategic Round 1: 0.61%
• Private Round: 0.15%
• Advisors: 1.51%
• Team: 29.48%
• Reserve: 37.11%

Open Campus

Open Campus is a platform using blockchain technology that aims to transform the educational sector. Because of this, learners, educators, content creators, and service providers can communicate seamlessly with one another. 

With its foundation in decentralization, Open Campus empowers users and teachers by giving them control over their creations and data, promoting trust, and providing incentives for involvement.

In its most fundamental form, Open Campus is a platform that enables Publisher NFTs, a tokenized version of educational information. This allows for a direct connection between educators and teachers. 

Features

Open Campus is a pioneer in the tokenization of educational content. The EDU token enables content creators to mint courses with actual monetary value as NFTs.

More features are mentioned below:

• A consortium of top venture capitalists, including Sequoia Capital China, contributed $8.5 million to TinyTap, an education firm connected with Open Campus. It integrates NFTs into its platform with the introduction of Publisher NFTs.
• Additionally, TinyTap has launched new products, such as TinyTap AI, while establishing significant connections with Pinkfong/Babyshark, Care Bears, and Code Green/UNICEF.
• OC-X is a multi-million dollar accelerator developed by Open Campus and NewCampus. It provides educators worldwide with materials, post-program assistance, and financing. Additionally, TinyTap's Global Instructors Fund, worth ten million dollars, incentivizes qualified instructors to generate content.
• The new Publisher NFTs, published by Open Campus recently, received a very strong response, which resulted in an oversubscription that was more than three times higher than the original. Because EDU was utilized for both on-chain income sharing and minting Publisher NFTs, the event highlighted its usefulness.

Overview of EDU

One of the most important aspects of Open Campus is the EDU token, which acts as the ecosystem's native cryptocurrency. Participation is encouraged, and users are rewarded for their contributions by using the EDU token. These contributions can be educational content, service provision, or active engagement within the platform. 

This token economy drives the development and sustainability of Open Campus and also ensures that employees are compensated fairly for actions that produce value.

Tokenomics

• Total supply: 1 billion 
• Market capitalization: $218.03 million
• Binance Launchpad: 5%
• Operational Expenses: 4%
• Liquidity Provision: 10%
• Early Contributors: 7.5%
• Ecosystem Fund: 25%
• Treasury: 10%
• Strategic Sale: 13%
• Advisors: 15.5%
• Team: 10%

Hive

The Hive blockchain originated from a community-led hard fork of the Steem blockchain. It was built as a platform for social interaction and dApps to bring Web 3.0 to people worldwide. 

One of the Hive project's primary objectives is to develop a decentralized, quick, feeless, and unchangeable ecosystem. 

On the Hive blockchain, people can post and remark in both long and short form, and the community can curate and reward these posts and comments. 

Features

Here are some features below:

• Hive has significantly invested in cutting-edge technology to optimize transaction speed and safety. With an average transaction time of three seconds, it is among the quickest decentralized networks of its generation.
• The strength of Hive currency, tested by hundreds of apps, projects, and communities worldwide over the past five years, is unmatched by any other cryptocurrency.
• Because Hive has a low operation cost, it has enabled its users to operate on a large scale. 
• Hive rewards users for creating and curating content, including social media postings, comments, and other forms of digital material. 
• Users can accumulate Hive tokens and Hive Backed Dollars (HBD) by participating in the community and receiving upvotes.

Overview of HIVE

The Hive Token is the native cryptocurrency of the Hive blockchain. It facilitates transactions and provides incentives to content creators and curators. The token can be acquired by staking to support the network or by creating and curating content on the Hive blockchain. 

It is possible to convert Hive tokens into Hive Power, a metric that determines a user's influence inside the network. Users with more Hive Power have greater power when distributing rewards for posts and comments.

Tokenomics

• Total supply: 500.75 million
• Market capitalization: $100.95 million
• Content producers: 32.5%
• Content curators: 32.5%
• HP stakers: 15%
• Witnesses: 10%
• Decentralized Hive Fund (DHF): 10%

Steem

Steem is a decentralized cryptocurrency built on the Steem blockchain, focused on social media and content. It powers the social network Steemit by rewarding content creators.

According to Daniel Larimer, a co-founder of the project, the network functions completely decentralized, without censorship, data abuse, data vulnerability, or downtime.

Features

Today, those who create material seek efficient ways to commercialize their creations. Steem's content monetization capability offers a revolutionary solution. 

Here are some of the best features of Steem:

• Steem is a platform that utilizes blockchain technology to provide content creators with the opportunity to receive rewards for their contributions based on the quality and popularity of their content. 
• Creators can communicate directly with their audience through this decentralized platform, eliminating the need for intermediaries.
• Among its innovations are a hierarchical private key system that can accommodate a wide range of security requirements and a delegated proof of stake (DPoS) consensus that enables the quick and scalable processing of transactions. 
• In terms of the economy, Steem intends to redistribute the value obtained from user-generated content back to the producers themselves, potentially resulting in a fairer digital economy. 
• The Steem blockchain is a promising cryptocurrency. Its block duration is three seconds, and its throughput is 10,000 transactions per second (TPS). 
• Steem's consensus process is delegated proof-of-stake (DPoS). This allocates ten percent of the rewards for each block to "witnesses," the network's validators. 

Overview of STEEM

The network's native assets, STEEM and Steem Dollars (SBD) are used in network operations. These tokens reward users and allow them to stake tokens to gain more power within the ecosystem. 

Steem's market potential lies in its capacity to attract various users, ranging from casual social media fans to developers and entrepreneurs interested in building decentralized apps on its platform. Steem's market potential arises from its ability to attract diverse users. 

Tokenomics

• Total supply: 466.09 million
• Market capitalization: $82.88 million
• Authors: 75%
• Curators: 25%

Chingari Network

Chingari is a social media platform that gives digital artists and content creators more control by providing a blockchain platform for sharing their work with an audience. 

In addition, Chingari receives a sizeable portion of the money the users earn. The breakthrough Chingari app's watch-to-earn, play-to-earn, and interact-to-earn functions also allow the audience to engage in earning activities.

Features

The mission of Chingari is to bring the reality of Web 3.0 to the expanding domain of the content creation economy, taking into account the implications of data, audio, and video in their entirety. The project aims to simplify the process of monetizing content and make it transparent so that it may be implemented using blockchain technology. 

The project's team has also mentioned that they are open to developing partnerships with individuals with similar perspectives in the blockchain technology sector to make the platform more accessible and ready for widespread use.

More features are mentioned below:

• In 2018, Chingari was introduced as a social network, and since then, it has grown to become the most popular platform for sharing short videos in India. People frequently refer to it as the "TikTok of India."
• The Chingari ecosystem may be broken down into two distinct components: the Chingari App, which caters to retail customers, and the Gari Network, which caters to investors.
• More than one hundred million copies of the Chingari app were downloaded from the App Store and Google Play. Three million people utilize the network daily, and each user spends an average of 38 minutes on the platform.
• The platform enables the upload of fun material, exclusive influencer content, instructive content, and other types of informative content.
• NFTs are supported on the Gari platform, and GARI tokens are used to process transactions involving NFTs. Users can use GARI tokens to tip their preferred content creators and hire influencers for marketing purposes, which also requires GARI tokens.

Overview of GARI

The GARI token is the native token of the Chingari. It is built on the Solana blockchain. The Chingari App is designed to meet the needs of customers in India and people from other countries, while the Gari Network features a website specifically designed for cryptocurrency investors. 

Gari tokens are utilized in the ecosystem to provide governance and payment services.

Tokenomics

• Total supply: 983.90 million
• Market capitalization: $4.46
• Chingari Community Reserve Treasury: 25% 
• Public Sale: 20%
• Staking Rewards: 15%
• Advisors & Team: 15%
• Seed round: 10%
• Private Sale: 10%
• Airdrop: 5%

FriendRoom

FriendRoom allows Web 3 users to construct, launch, and host their blockchain-based places without prior coding knowledge. Thanks to the support of several cryptographic chains, rooms can be created across several blockchains. 

By tokenizing spaces into non-fungible tokens (ERC-721), users are granted actual ownership of their rooms and the ability to transfer them. 

Following a series of tests and audits, the initial beta version was released in August 2023, and the FRIEND token was launched on Ethereum in the summer of 2023.

Features

Some of the best features are mentioned below:

• Using FriendRoom, you can create your 3D area and customize its layout to your taste. In addition to displaying your preferred NFTs, you can adorn it with furnishings.
• It is not enough to simply have a 3D view of the room; it is an asset nonetheless. If you own a room, others can purchase a portion of it. You can determine whether or not to provide dividends to your shareholders, and you also receive a portion of the trading fees.
• While participating in the FRIEND group, you can use a novel method of placing bets on major stocks. Trading and social contact combine this process, making the finance world more approachable and entertaining. We invite you to participate in this fascinating financial experience, which combines the concepts of friendship and commerce.

Overview of FRIEND

In the FriendRoom ecosystem, the FRIEND token is the utility token. Its primary function is to serve as a currency for transactions. It is also used for:

• Making purchases and sales of rooms
• purchasing and selling individual rooms in a shared space
• Certain assets increase a room's mining power, profiting the room owner and the shareholders. They can be traded for room decorations.
• Utilizing for real-world stock speculation
• Utilizing as chips in the game of friend gambling

Tokenomics

• Total supply: 9.97 billion
• Market capitalization: $2.1 million

How to Buy These Tokens on CoinEx

CoinEx is now having over 6 million users, supporting more than 1,000 crypto currencies. 

To purchase any token on CoinEx, follow the steps below. 

1. Sign up for an account: Create a CoinEx account first. 
2. Log in to your account. Now, fund it using deposit methods or cryptocurrencies. With funds in your account, you can quickly complete deals.
3. Go to the Trading Page for the Token: Once your account is funded, proceed to the specialized token's trading page on CoinEx. Use the search box to find your preferred token. 
4. Choose a Trading Pair: Select the desired trading pair that matches another cryptocurrency. For instance, you may choose to trade STEEM/USDT.
5. Specify the Purchase Amount: Determine the quantity of the tokens you want to purchase. Input the amount into the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order. 

Conclusion

SocialFi is one of the fastest-growing crypto categories, and more and more people are getting into it. In the above article, we saw some of the best SocialFi crypto projects with amazing features and reward mechanisms. To buy the tokens for these projects, follow the above steps on CoinEx. 

Remember, this overview is not financial advice. Always conduct thorough research before investing in any crypto projects. 

Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.