According to DefiLlama, the total value locked in each of the social finance protocols Tomo and New Bitcoin City’s smart contracts is currently over $1 million.
Both protocols are similar Base-based projects. Friend.Tech is a leader in a new industry by combining social media and finance in a specific way. FriendTech popularized the idea of gated communities, where users must pay for “keys” to access group chat, with the price rising with each purchase.
In contrast to Friend Tech, Tomo, which utilizes the Linea platform, offers a few distinctive features, such as the capacity for direct messaging. The main way that Tomo distinguishes from other platforms is by allowing users to wager on the value of other users’ keys should they sign up.
Based on the Bitcoin Layer 2 network NOS, New Bitcoin City adopts a slightly different strategy than the majority of social finance platforms by seeking to act more as a social layer and allowing users to use their keys from other protocols, including FriendTech, on its app.
These two initiatives are the only social finance systems with more than $1 million in TVL, however FriendTech currently holds the lead with $43.7 million. StarsArena, which is situated in Avalanche, had more than $1 million in TVL prior to being compromised.
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