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 modern tackle blockchain-based social media, aka, SocialFi.
Untitled quietly went dwell on July 26 as an ecosystem combining blockchain expertise with social interplay fueled by financial incentives.
“Untitled is concentrated on making a disintermediated social platform the place customers can see what they need and say what they need,” Delong advised The Defiant. “Our long-term objective is to show off our server with all management on-chain.”
The way it works
Exercise on the platform facilities round a day by 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 dwell. The profitable “title proprietor” can then compose a message featured within the day by day title in a bid to kickstart dialogue amongst customers. The subsequent title public sale will start at twice the worth of the earlier title.
Customers can publish feedback replying to titles by means of one other Dutch public sale mechanism, with the worth of replying beginning at half the worth paid by the title proprietor earlier than declining over 48 hours. The auctions for subsequent replies begin at half the worth of the earlier remark, with the unique commenter receiving a share of the public sale worth. The platform additionally includes a tipping function 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 participating content material on the platform.
Delong stated a user-configurable AI mannequin is liable for content material filtering on the platform.
“All content material will finally dwell on a decentralized storage (IPFS) and every consumer will act as a content material server and consumer,” he added.
Early days
Untitled is slowly garnering customers and exercise after launching three weeks in the past.
The publish saying Untitled’s launch attracted the very 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 stated Untitled’s 178 customers have posted 101 titles, 156 replies, and 857 snaps.
The themes mentioned embody memecoins, Delong’s philosophic ponderings, and the Untitled platform itself.
Untitled was launched on high of Lens, the decentralized social graph protocol from Avara — the mother or father firm behind Aave. Stani Kulechov, the founder and CEO of Avara, described Untitled as “some of the thrilling social apps launching on Lens.”
Nevertheless, Delong stated that Untitled is at present powered by Base, Coinbase’s Layer 2 community, whereas Lens develops Lens Community, a forthcoming Layer 2 that shall be powered by ZKsync.
Delong tweeted that he was motivated to launch Untitled by dissatisfaction with the trajectory of web3 improvement.
“After I began in web3 we believed in a decentralized future,” Delong stated. “We wished to construct unstoppable decentralized finance to rival the monetary system, not be a part of it… Our use instances have devolved into authorities cash — however on-chain, pump and dumps, and degenerate leverage… The web3 we wished 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 development combining speculative recreation idea mechanics with points-powered incentive packages, the sector has struggled to realize long-lasting consumer retention.
FriendTech loved meteoric development after rapidly rising as some of the 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 day by 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, day by day quantity trended between $10,000 and $26,000 over the previous two weeks, in line with Dune Analytics.
Each 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 function — which permits customers to embed interactive content material together with purposes into their posts. Energetic Farcaster customers surged 15 instances 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 day by day in June.
Nevertheless, Lens has managed to buck the socialfi downtrend, with its consumer base having fun with surging development in 2024, buoyed by its permissionless launch in February. Lens gives infrastructure for third-party builders to construct decentralized social apps on high 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 purposes final month, in line with Lenscan. Nevertheless, the information probably counts wallets that interacted with a number of purposes inside Lens’ ecosystem.
No factors program for Untitled
Delong advised The Defiant that Untitled gained’t launch a factors program to incentivize early adoption.
Regardless of describing factors packages as an efficient short-term “development hack,” Delong stated 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’ve not mapped out the right way to finest reward early/frequent customers,” Delong stated.
Associated: Avara Publicizes Lens Community L2 Leveraging ZK Stack
