Friendzone, a Web3 platform that redefines Social Finance (SocialFi) on the blockchain and is scalable and sustainable, has made its official debut on the Polygon Proof-of-Stake network. The Social Capital Marketplace launch marks the first of Friendzone’s many significant turning points in its goal to top the social media dApp market in the Web3 sector.
The formation of more empowered online communities is made possible by Friendzone, a completely new decentralized protocol that combines the interaction of conventional social media with the special financial rewards made possible by Web3 technology. Friendzone is much more than simply another SocialFi platform in this sense. It is a paradigm change that rewards social media presence and impact in concrete and profitable ways in addition to recognizing it. It aims to reshape the social media landscape by making every connection with users potentially valuable and enabling both users and content providers to easily monetise their online experiences.
A large funding round led by angel investors, including Jackson Chan, co-founder of PHD Capital, Synthetix founder Kain Warwick, Illuvium founder Kieran Warwick, Illuvium founder Danny Wilson, Immutable product and token lead Thomas Aslanian, Pendle Finance founding team Anton Buenavista, and many more amazing angels with backgrounds at Synthetix, Pendle Finance, Bybit, Metastreet Labs, and Renzo Protocol, has closed in conjunction with the launch on Polygon PoS. The round raises Friendzone’s total funding to over $750,000 USD. In addition, the firm is happy to welcome two new investors to its expanding advisory board: John Park, a partner at Sparklabs, and TN Lee, co-founder of Pendle Finance.
Taking SocialFi to New Heights
Friendzone’s platform stands apart from others despite competition in the increasingly saturated SocialFi market because to its sophisticated incentive structure and protocol architecture. Friendzone is positioned to become the first protocol of its type to become widely adopted by focusing on resolving the scalability and liquidity issues that have impeded the development of first-generation SocialFi platforms.
With ongoing access for both small and big networks, Friendzone’s protocol economics are built around an adaptive bonding curve that takes real-time market input into account to ensure that token pricing is always fair. By using this technique, it encourages continued participation and network expansion without being hindered by the liquidity and accessibility barriers that have prevented the adoption of rival SocialFi protocols.
With Friendzone’s customizable creator controls, anybody can become a creator. They may personalize their social media presence and design customized services, such as private groups or public events, where they can establish conditions and pricing that more accurately represent the value they provide. In addition to allowing users to buy and sell “Creator Chips,” Friendzone’s tokenomics model includes a staking function that considers the amount and duration of a stake. Drawing inspiration from Curve’s veCRV model, its goal is to guarantee a fairer allocation of each creator’s earnings, encouraging network members to actively support each creator’s success by receiving a portion of their rewards.
By combining strong financial incentives made possible only by cryptocurrency, Friendzone promises to go beyond the emotional incentives of conventional social media networks. This will increase its network effects and improve user engagement while fairly rewarding participation on the platform and all other integrated decentralized applications that are currently in use.
A Gradual Implementation
Before it launched on Polygon PoS, Friendzone attracted a lot of attention; over 5,000 whitelisted users registered. The protocol is restricting the amount of users let into the network in batches of 1000 in order to maintain stability throughout its beta deployment that is rewarded. As the project proves its usefulness and moves beyond its beta stage—during which it will be thoroughly inspected for flaws and improved to provide the best possible user experience—the goal is to gradually enroll additional people.
The first thousand individuals who were chosen to take part at launch may now claim their Friendzone handles—which will be the same as their X handles—by going to X, previously known as Twitter.
In addition, Friendzone will include a new points system into its protocol during the first launch phase, allowing beta testers and early adopters to start earning points to improve their reputations and prizes on the network.
Kevin Lu, CEO & Co-Founder of Friendzone stated:
“We are immensely proud to launch Friendzone with the support of the Polygon ecosystem, a collaboration that marks a significant milestone in our journey. The Polygon PoS Network’s exceptional scalability, speed, and security offer the perfect foundation for Friendzone, enabling us to redefine social media engagement and monetization in the Web3 space. The commitment to innovation and the success of projects built on Polygon PoS is unparalleled. This strategic relationship is a testament to our shared vision of empowering users and creators in a disruptive decentralized digital economy.”
Friendzone is excited to further its partnership with the Polygon ecosystem by using its robust ecosystem and leveraging its expertise to investigate novel applications and quicken the speed of innovation in the SocialFi sector. In an effort to provide users in the developing decentralized social media market with more value, Friendzone is prepared to unleash novel dynamics and go into previously unexplored territories on Polygon PoS.
With its strong innovation culture and a long list of unmatched strategic brand partnerships, the Polygon ecosystem has already made a name for itself in the blockchain space, making it a perfect place for Friendzone to launch. Because of its connection with the Polygon network, the protocol can now plan to use an inventive Layer-2 architecture based on zkEVM, which will help it develop faster as it grows its network and adds more users. In the blockchain realm, the Polygon networks are home to some of the most vibrant and varied communities and ecosystems of ground-breaking dApps, offering even more chances for cooperation, innovation, and popularizing SocialFi.
SungMo Park, Head of BD APAC at Polygon Labs stated:
“Friendzone represents the first of its kind in the SocialFi space, pioneering a new era of social media that rewards engagement with real value. We are proud to have Friendzone build on Polygon PoS and to work closely with their team to achieve our mutual goals. Their innovative approach to integrating social interactions with value incentives sets a new standard in the industry. This collaboration underscores Polygon’s dedication to supporting groundbreaking projects that push the boundaries of what’s possible in Web3 and beyond.”
With today’s launch and fundraising round, Friendzone is taking a step toward its next big milestone. It is building the framework for a truly interoperable protocol that will provide a scalable foundation to enable the on-chain social networks’ monetization layer.
