Yesterday in Crypto - Issue #26

Read time: ~8 minutes

DeBank, a renowned DeFi blockchain explorer and SocialFi platform, has made waves with the announcement of its new layer-2 blockchain, DeBank Chain.

🚀 What's Happening

DeBank Chain, described as an "asset layer for social," was announced by DeBank. They’re building on the OP Stack, a blockchain development standard by the Optimism team, which serves as a foundation for emerging layer-2 blockchains.

📱 Going Social with DeFi

DeBank has a product called DeBank Hi, a chat app integrated into its existing wallet tracking platform. This unique app rewards users for receiving messages, essentially creating a "market for attention." With over 200,000 users already on board, DeBank's vision is to evolve DeBank Hi into a full-fledged social media platform, DeBank Stream. Here, users will earn credit for their valuable contributions, with the platform gauging a user's precise attention value based on their interactions.

💰 Airdrop Alert!

There's chatter in the crypto community about a potential airdrop for DeBank users. This could happen if DeBank launches its own token and rewards its early users with a free allocation. The rumor is that you’ll need one of the following to qualify for the minimum airdrop:

• Net worth greater than $1,000

• Web3 ID minted

• Have at least 1 follower on your address

If you’d like a larger potential airdrop, complete all 3 of the above, engage with other users, gain followers, earn badges, etc.

🌐 The Bigger Picture

DeBank's move adds to the growing roster of layer-2 solutions being developed on the OP Stack. This list includes big players like Coinbase’s Base, the Andreessen Horowitz-backed Magi Protocol, and Binance's BNB Chain. It also adds to the list of potential airdrops to farm. Keep your eyes on DeBank.

Friend.tech is making waves in the crypto space, and here's why:

🚀 What's Happening

Friend.tech, a decentralized social network, has been turning heads by generating close to $1.5 million in transaction fees in just a day, outpacing crypto giants like Uniswap and Bitcoin. This platform allows users to tokenize their social connections, introducing a unique concept of buying and selling "shares" of their social contacts.

🔗 How Does It Work?

Users can purchase "shares" of others on the platform. Once you own someone's share, you can initiate private chats with them. For every transaction on the platform, Friend.tech charges a 5% fee. A portion of this fee becomes profit for the owner of the respective shares.

📈 Impressive Numbers

Since its beta launch on August 11th, Friend.tech has recorded over $4 million in fees and has garnered an overall revenue of $2.1 million. The platform has seen over 795,000 transactions with participation from over 70,000 unique traders.

🔍 Expert Opinions

Crypto experts have been analyzing the platform's revenue model. The primary revenue source for Friend.tech currently relies heavily on trading fees. Some believe that controversial figures might be able to earn more, suggesting that spreading fear, uncertainty, and doubt might become a strategy to increase fee earnings.

📌 Note for Enthusiasts

For those eager to explore Friend.tech, remember it's still in beta. Access requires an invite code, and a minimum balance of 0.1 ETH is needed to fully engage with the platform's features.

With its unique blend of social networking and crypto, Friend.tech is poised to be a game-changer in the decentralized social network space.

🐳 What is Kujira? 

Kujira, which translates to "whale" in Japanese, is a Layer 1 ecosystem built on the Cosmos blockchain. It's designed to transform even the newest crypto enthusiasts into seasoned experts and, ultimately, into crypto whales.

🛠 Key Offerings:

• BLUE: Kujira's central hub where users can stake, swap, mint stablecoins, and participate in governance.

• SONAR: A multi-chain wallet, both for mobile and desktop, offering access to all of Kujira's services.

• FIN: A decentralized order book exchange

• BOW: A liquidity engine that supports FIN, offering deep and stable order books.

• GHOST: A money market for lending and borrowing, with ORCA as its liquidation engine.

• ORCA: A marketplace for liquidated collateral, offering assets at up to a 30% discount.

• POD: A platform for easy staking across various validators on any Cosmos chain.

• USK: A decentralized stablecoin backed by various assets and pegged to the USD.

• FINDER: A blockchain explorer for transaction searches, history reviews, and more.

🪙 Token Utility: The native $KUJI token serves multiple purposes:

• Staking to secure the chain and earn rewards - real yield from the revenue generated by the Kujira ecosystem

• Participating in governance

• Covering network fees

📊 Tokenomics:

• Max Supply: 122.4 million

• Circulating: 116 million

Token Allocation

🔍 Why Kujira Stands Out: Kujira offers a range of revenue-generating products. With a focus on cost-effective solutions, friendly user experience, and interoperability, it aims to level the playing field, giving retail investors the same opportunities as the elite. They build products extremely fast. Their code, however, is closed sourced. Once they make this public to ensure there are no bugs or back-doors, I expect Kujira to prosper more than ever.

Note: I hold KUJI in my portfolio.

That’s all for today. We’ll see you tomorrow.

“Bitcoin is The Monetary Network. People with money will join. Then people with money will have to join.”

– Michael Saylor - Founder, Microstrategy