SocialFi is a revolutionary concept that blends the strengths of DeFi, blockchain, and social networking. This new approach gives users and creators increased power, options, and incentives.
In Defi Voyage Wave 8, we will explore the significance of SocialFi and the various risks & rewards involved. In the end, you will be fully prepared to participate in SocialFi and experience some dApps like Tomo $ Grindery Telegram Bot and mint your own Linea DeFi Voyage persona NFT!
Duration: Dec 13 - Dec 18, 2023
XP: 250
Link to join: https://www.intract.io/linea/quest/65798e5c7d62adc325a44d92
SocialFi is deeply entrenched in the core values and principles of web3. It redefines online social interactions by introducing social tokens tied to individual brand value. No longer are users passive participants in a platform's revenue model; instead, they can tangibly monetize their influence, engagement, and content.
They can invest, transact, earn, and even leverage social governance features to influence the platform's direction. By intertwining finance and social interactions, SocialFi provides a more intuitive and engaging platform for users, promoting wider adoption of DeFi applications.
SocialFi, with its Web3 underpinnings, offers a unique blend of social interaction and financial empowerment. This further creates an ecosystem that inspires Web3 loyalty, and exploration and imbibes Web3’s core principles - which users can navigate to understand & adopt Web3 more effectively, harnessing the potential of decentralized social and financial engagement."
A great example of SocialFi, linked to DeFi, is Tomo, an innovative web3 application on Linea. The key philosophy behind Tomo is to revolutionize the way influencers and their followers interact with each other.
Another niche of the SocialFi world is related to Telegram bots. Everyone in crypto and web3 is using Telegram as one of their main communication channels. Telegram bots are a great example of how embedded wallets can play an important role in SocialFi and DeFi. They enable users to send crypto via Telegram to their contacts, and even to trade and swap assets, all directly through their Telegram app. The role of Account Abstraction makes this possible, making Telegram bots easily usable in order to provide a simple gateway to the world of DeFi.
Grindery.io is an example of a Linea-integrated Telegram DeFi hub. It serves as a decentralized payment network and seamless wallet, easily usable by anyone who is on Telegram.
As users embark on their SocialFi journey with intertwining social and financial aspects, here are some quick pointers to keep in mind.
Grasp the fundamentals of SocialFi. Know the platform, its purpose, and its underlying technology. Ensure your assets are safeguarded. Always confirm the platform’s security measures and commitment to protecting users’ data and transactions. Stay updated with platform developments as it helps you make informed decisions. Invest responsibly. As with any financial engagement, keep track of your transactions, anticipate risks, and diversify your investments.
Connect your wallet to the partner website & mint your Linea DeFi Voyage persona NFT.
Task Instructions
Click on “Mint NFT”. You will be redirected to a partner page where a pop-up to mint NFT will come up.
Check out the various on-chain stats for your connected primary wallet address.
Click on “Mint NFT”. This should open up a pop-up in your wallet window for you to sign the transaction & pay the gas fee to claim the NFT
Note 1: Upon a successful claim, you should be able to see a successful txn in Lineascan or Debank. Use desktop devices for a seamless minting experience.
Note 2: Ensure you have sufficient balance in Eth ( ~5-10$) in your wallet to mint NFT successfully. If txn fails, do a hard refresh & try again. OR change Linea RPC endpoints for your wallet before retrying.
Note 3: The on-chain stats on your NFT may be different from what you expect. This could be because the persona NFT only considers txns from a curated set of smart contracts deployed on Linea.
Download Tomo and sign up with your Twitter/X account.
Task Instructions
Click on “Download Tomo”. You will be redirected to the Tomo download page with options for both iOS & Android devices.
Download the app on your mobile device
Accept the terms & conditions on the Tomo app & login with your X account.
Important Note: Verification may take up to 30 minutes. Ensure that the same X account is connected to your Intract profile. And you don’t need to do any on-chain transactions for this task.
Perform a swap using the Grindery Telegram Bot.
Task Instructions
Get Grindery at: https://t.me/GrinderyAIBot
Send money to your grindery wallet
Make a swap with Grindery Telegram Bot
Verification will take up to 10 minutes
Important Note: Ensure that the same Telegram account is connected to your Intract profile.
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