Newly Entered Social Finance Platforms Accumulated $1 Million in TVL

In the world of social finance, Tomo and New Bitcoin City are making significant strides as they each secure more than $1 Million within their smart contracts, a metric commonly referred to as Total Value Locked (TVL). These promising figures have been reported by DefiLlama, highlighting the growing influence of these platforms within the ever-evolving landscape of decentralized finance.

Tomo and New Bitcoin City, innovative projects reminiscent of the pioneering FriendTech, are at the forefront of the groundbreaking trend that blends social media dynamics with financial ingenuity.

FriendTech, a trailblazer in this niche, introduced the concept of gated communities, where users need to purchase “keys” to access exclusive group chats. These keys become progressively more expensive with each acquisition, making the community an intriguing prospect for both users and investors.

Tomo, operating on the Linea platform, distinguishes itself from FriendTech by offering a range of unique features, like direct messaging capabilities. However, the standout feature of Tomo is its innovative system, allowing users to speculate on the value of people’s keys should they decide to join the platform.

In a slightly unconventional approach, New Bitcoin City, built on the Bitcoin Layer-2 network known as NOS, positions itself as a social layer within the ecosystem. This unique strategy permits users from other protocols, such as FriendTech, to seamlessly utilize their keys within the New Bitcoin City application.

While Tomo and New Bitcoin City have been making waves in the social finance arena, they are not the only platforms gaining traction. FriendTech continues to lead the way with an impressive $43.7 Million in Total Value Locked (TVL).

Notably, Stars Arena, a project running on the Avalanche network, had accumulated over $1 Million in TVL before a security incident temporarily halted its operations. StarsArena has announced its relaunch, with trading set to resume following a comprehensive audit.

Stars Arena Makes Efforts to Rise Again

The recent relaunch of Stars Arena, however, comes with a temporary suspension of trading functionality. The decision to resume trading will hinge on the results of the forthcoming audit. According to Stars Arena, trading will only recommence once the full audit report has been published, and the contract has been made open-source for community scrutiny.

As social finance platforms continue to evolve and mature, the competition and innovation in this space are giving rise to intriguing possibilities, reshaping how individuals interact with financial and social platforms. The developments in Tomo, New Bitcoin City, and the resilience of FriendTech serve as evidence that this dynamic sector is far from reaching its full potential.