SocialFi app Phaver launched today its Phavercoin (SOCIAL) token, initiating the Phairdrop event that marks the platform’s transition to a token-powered decentralized social ecosystem. The token generation event marks Phaver’s transition from the “DeSoc” era to the “SocialFi” era, integrating the SOCIAL token into its point economy and in-app functionalities.
At the time of writing, SOCIAL is trading around $0.0148 with a market cap of $146 million.
The SOCIAL sign has a total supply of 10 billion tokens. Although the initial circulating supply is not specified, the token distribution involves several methods. Users who signed up for Cyber will receive tokens directly into their Phaver Primary Wallet today. Others can claim tokens on the Phaver website using their primary wallet, which requires Base ETH for gas fees. Eligibility criteria include owning a Lens profile, a Farcaster profile, or at least one Cred item connected to Phaver. The Season 1 Snapshot has already determined the user assignments based on these criteria.
Trading in SOCIAL started today on multiple exchanges. Bybit has confirmed the listing, making the token accessible to its user base. The SOCIAL/USDT trading pair started trade on September 24 at 10:00 UTC. Deposits are already possible on MEXC, and withdrawals will be possible on September 25 at 10:00 UTC. The token is issued on the Basic Network, with the contract address ‘0xD3C68968137317a57a9bAbeacC7707Ec433548B4‘ provided for verification.
Phavercoin utility in decentralized social media apps
The utilities of the SOCIAL token within the Phaver ecosystem are versatile. Users can earn SOCIAL by redeeming Phaver points in unique campaigns, with higher Cred levels delivering better point-to-token conversion rates. Holding SOCIAL tokens improves a user’s Cred score and accumulates more points, which play an important role in the platform’s rewards system. Higher Cred levels unlock benefits such as increased monthly withdrawal quotas, VIP support, preferential visibility, and early access to new features and whitelists.
According to Phaver’s white paperthe token can be used for various platform functions including advertising, boosting messaging and collaboration tools. Additionally, SOCIAL tokens can be used to purchase points within the app, providing a more cost-effective option than other in-app payment methods.
Tokenomics details reveal that 300 million tokens (3% of the total supply) have been allocated for user airdrops. Redemptions in Season 2 are set at 200 million tokens (2% of the total supply), and are expected to take place one month after the token generation event. Eligibility for Season 2 redemptions depends on user level. Level 1 users are not eligible. The conversion rate for redemptions is affected by the user’s Cred level and average SOCIAL holdings for 30 days before redemption, potentially offering a multiplier of up to 60x.
Phaver’s platform integrates with Lens Protocol and Farcaster Protocol, enabling cross-posting capabilities that improve the user experience on decentralized social networks. The Phaver Point system encourages community participation, while the Cred credibility scoring system is designed to prevent bot abuse and improve the usability of NFTs within the platform.
Holding SOCIAL tokens can provide access to future opportunities including whitelists, airdrops, and benefits from Phaver’s partners, which include notable companies like Animoca, Pudgy Penguins, and Rakuten Group. By encouraging users to hold tokens, Phaver aims to foster a sustainable ecosystem that rewards long-term engagement and supports the value of the token over time.
As Phaver enters this new phase with the launch of the SOCIAL token, users and investors are advised to stay abreast of updates on token distribution, stock exchange listings and platform developments through official channels and remain vigilant against scams. Links to claim tokens are available through Phaver’s iOS and Android apps via the Phairdrop website.