The SocialFi application Phaver has officially launched its native token, Phavercoin (SOCIAL), marking the beginning of the Phairdrop event. This event signifies the platform’s evolution into a token-driven decentralized social ecosystem. With this token generation, Phaver transitions from the “DeSoc” era to the “SocialFi” era by integrating the SOCIAL token into its point economy and app features.
As of the latest market data, SOCIAL is priced at approximately $0.0148, with a market capitalization of $146 million.
The SOCIAL token boasts a maximum supply of 10 billion tokens. While details on the initial circulating supply remain undisclosed, the token distribution will be executed through various methods. Users who engaged on Cyber will receive their tokens directly in their Phaver Primary Wallets today. Other users can claim tokens via the Phaver website using their Primary Wallet, which will require Base ETH for gas fees. Eligibility entails having a Lens profile, a Farcaster profile, or at least one Cred item linked to Phaver, with the Season 1 snapshot already designating specific user allocations.
Trading for SOCIAL commenced today across multiple exchanges. Bybit has confirmed the listing, providing its user base access to the token. The SOCIAL/USDT trading pair officially began trading on September 24 at 10:00 UTC, with deposits open on MEXC and withdrawals set to commence on September 25 at 10:00 UTC. The token is issued on the Base network, with the contract address provided for verification as ‘0xD3C68968137317a57a9bAbeacC7707Ec433548B4’.
Utilizing the Phavercoin within Decentralized Social Media
The SOCIAL token within the Phaver ecosystem serves various purposes:
- Users can earn SOCIAL by exchanging Phaver Points during exclusive campaigns, with higher Cred levels offering better point-to-token conversion rates.
- Holding SOCIAL tokens can enhance a user’s Cred score, accumulating more Points vital for the platform’s reward system.
- Higher Cred levels unlock advantages such as increased monthly withdrawal limits, VIP support, prioritized visibility, and early access to new features.
According to the Phaver whitepaper, SOCIAL can be utilized for:
- Advertising and promotional boosts for posts
- Access to collaborative tools
- Purchasing Points directly within the app, typically at lower costs compared to other payment options.
Insights from the tokenomics reveal that 300 million tokens (3% of total supply) will be allocated for user airdrops. The second season of redemptions will consist of 200 million tokens (2% of total supply) occurring one month post-token launch. Participants’ eligibility for these redemptions will depend on their user levels, with Level 1 users unable to partake. The conversion ratio for redemptions will consider users’ Cred levels and average SOCIAL holdings over the preceding 30 days, with potential multipliers of up to 60x.
Phaver’s platform also integrates with Lens Protocol and Farcaster Protocol, enhancing user experiences through cross-posting features across decentralized social networks. The Phaver Point system rewards community engagement, and the Cred score system combats bot abuse while amplifying the value of NFTs on the platform.
Investing in SOCIAL tokens may unlock future opportunities, including whitelists, airdrops, and benefits linked to Phaver’s partners, such as Animoca and Pudgy Penguins. Phaver’s strategy encourages users to hold tokens, supporting a sustainable ecosystem that values long-term user engagement and stabilizes the token’s market value.
As Phaver embarks on this exciting chapter with the SOCIAL token’s launch, users and interested investors should keep abreast of updates related to token distribution, exchange listings, and platform enhancements. It is essential to remain cautious of scams. Users can access claiming options through the Phaver iOS and Android apps or the Phairdrop website.