The Innovative Concept and Development Prospects of the Web3 Social Platform Phaver

In today's digital age, big data dominates our daily lives. From dynamically priced airline tickets to precisely targeted advertisements, and to the uniform content on social media, user data is being controlled and monetized by major internet companies.

As an innovative "Web 2.5" social platform, Phaver is committed to changing this situation. It gives users complete control over their own data while breaking down the boundaries between Web 2 and Web 3. Users can easily access the Web 3 world using common Web 2 login methods, such as email or Google accounts, without the need for a digital wallet. Phaver's vision is to attract more users, not limited to Web3 native users, to experience a decentralized, data autonomous, privacy-focused internet ecosystem.

Phaver is building a comprehensive social graph for the Web3 world, currently the only social application that supports cross-platform publishing and integrates the Lens Protocol and Farcaster protocol. It innovatively introduces the Phaver Point reward system, similar to airline mileage programs, encouraging community participation and content creation through gamification. Additionally, the Phaver Cred reputation score system not only effectively prevents bots, fake accounts, and fraudulent activities but also provides actual utility for digital assets held by users, such as NFTs.

Currently, Phaver's user data is impressive. The daily active users reach 41,000, with a daily posting volume of 27,000 after bot filtering. It is the most active application on the Lens Protocol, accounting for 46% of the protocol's daily posting volume. In the Farcaster ecosystem, Phaver is also the largest external application, contributing 40% of daily active users. The wallet assets connected by Phaver's active users exceed $200 million, with app downloads reaching 350,000, and social media followers surpassing 300,000.

The total supply of Phaver's token $SOCIAL is 10 billion pieces, making it the first social token to be listed on a centralized exchange. As a leading multi-protocol social application, Phaver has attracted high-profile partners such as Animoca, Pudgy Penguins, and Rakuten Group, providing rich future opportunities for $SOCIAL holders.

The platform announced the launch of the first round of airdrops on May 8, accounting for 3% of the total circulation. Users can check their airdrop eligibility through the official website. This airdrop sets a limit of 100,000 $SOCIAL tokens for each user, which will be fully unlocked upon listing. The airdrop announcement attracted significant attention in just two weeks, reflecting users' eager anticipation for the $SOCIAL token.

Users can exchange points for $SOCIAL tokens, and the exchange rate depends on the user's credit level. For example, a level 2 user has an exchange rate of 1000 points for 200 $SOCIAL. To achieve a 1:1 exchange rate, users must reach L5 level and have either a Creator badge or a Phaver-Up NFT.

The current minimum price of Phaver-Up NFT in the secondary market is about $1170. The official statement indicates that each Phaver-Up NFT can generate 300 points and 50 credit points daily, hinting that NFTs with higher rarity may have additional benefits in future airdrops. Last month, the minimum price of free-minted Phaver-Up NFTs exceeded $1250, bringing over $3 million in value to the community.

In the token distribution plan, community rewards account for 27%, which is the largest share and will be gradually released over the next five years. The development team accounts for 18%, with a 1-year lock-up period and 4 years of linear release to ensure the team's long-term commitment to building the ecosystem. Airdrops account for 3%, mainly distributed based on user levels and points, with users who make special contributions possibly receiving additional rewards.

Phaver innovatively establishes the Phaver Cred reputation score mechanism, which is a reputation scoring system based on users' on-chain assets. Phaver Cred determines the user's level within the application and can unlock various privileges. The system updates every 30 days, and users can enhance or maintain their level by connecting NFTs and staying active. Different NFTs have different credit values, for example, CryptoPunks are worth 60 Cred, and Azuki is worth 15 Cred.

Phaver Cred is currently divided into 5 levels, each with its corresponding rights:

• L1 Level: Initial level, can post advanced topic threads, connect NFTs and social accounts.
• L2 Level: Requires 50 Cred, with 5 free staking points per day, can view popular content.
• Level 3: Requires 250 Cred, with 10 free staking points per day, and higher post exposure.
• Level 4: Requires 1000 Cred, with 20 free staking points available daily, posts can be recommended on all pages.
• Level 5: Requires 3000 Cred, with 40 free staking points per day, plus undisclosed special benefits.

The Phaver Point rewards system is another core mechanism of the platform. Users can earn points in various ways, including daily staking, creating content, and inviting new users. These points can be used to increase content exposure, subscribe to premium content, and more.

The founding team of Phaver has a diverse background, covering fields such as social media, game development, finance, and cryptocurrency. The company currently has 28 global employees, supports multiple languages, and helps to quickly expand into international markets.

In terms of financing, Phaver completed a seed round of financing of $7 million in October 2023, with investors including well-known institutions such as Polygon Ventures and Nomad Capital. Since its launch in May 2022, Phaver has raised over $8 million in total, with a valuation of approximately $80 million.

Overall, Phaver, as an emerging Web3 social platform, successfully combines the convenience of traditional social networks with the advantages of decentralized technology through its unique "Web2.5" design concept and robust economic incentive mechanisms. Its multilingual support and global team enable it to quickly enter multiple key markets. With the continuous development of Web3 technology and the growing user demand for decentralized social networks, Phaver is expected to become an important bridge connecting the Web2 and Web3 worlds and occupy a significant position in the SocialFi field.